20100001@unknown@formal@none@1@S@For six years, T. Marshall Hahn Jr. has made corporate acquisitions in the George Bush mode: kind and gentle.@@@@1@19@@oe@2-2-2013
20100002@unknown@formal@none@1@S@The question now: Can he act more like hard-charging Teddy Roosevelt?@@@@1@11@@oe@2-2-2013
20100003@unknown@formal@none@1@S@Mr. Hahn, the 62-year-old chairman and chief executive officer of Georgia-Pacific Corp. is leading the forest-product concern's unsolicited $3.19 billion bid for Great Northern Nekoosa Corp.@@@@1@26@@oe@2-2-2013
20100004@unknown@formal@none@1@S@Nekoosa has given the offer a public cold shoulder, a reaction Mr. Hahn hasn't faced in his 18 earlier acquisitions, all of which were negotiated behind the scenes.@@@@1@28@@oe@2-2-2013
20100005@unknown@formal@none@1@S@So far, Mr. Hahn is trying to entice Nekoosa into negotiating a friendly surrender while talking tough.@@@@1@17@@oe@2-2-2013
20100006@unknown@formal@none@1@S@"We are prepared to pursue aggressively completion of this transaction," he says.@@@@1@12@@oe@2-2-2013
20100007@unknown@formal@none@1@S@But a takeover battle opens up the possibility of a bidding war, with all that implies.@@@@1@16@@oe@2-2-2013
20100008@unknown@formal@none@1@S@If a competitor enters the game, for example, Mr. Hahn could face the dilemma of paying a premium for Nekoosa or seeing the company fall into the arms of a rival.@@@@1@31@@oe@2-2-2013
20100009@unknown@formal@none@1@S@Given that choice, associates of Mr. Hahn and industry observers say the former university president -- who has developed a reputation for not overpaying for anything -- would fold.@@@@1@29@@oe@2-2-2013
20100010@unknown@formal@none@1@S@"There's a price above which I'm positive Marshall has the courage not to pay," says A.D. Correll, Georgia-Pacific's executive vice president for pulp and paper.@@@@1@25@@oe@2-2-2013
20100011@unknown@formal@none@1@S@Says long-time associate Jerry Griffin, vice president, corporate development, at WTD Industries Inc.: "He isn't of the old school of winning at any cost."@@@@1@24@@oe@2-2-2013
20100012@unknown@formal@none@1@S@He also is a consensus manager, insiders say.@@@@1@8@@oe@2-2-2013
20100013@unknown@formal@none@1@S@The decision to make the bid for Nekoosa, for example, was made only after all six members of Georgia-Pacific's management committee signed onto the deal -- even though Mr. Hahn knew he wanted to go after the company early on, says Mr. Correll.@@@@1@43@@oe@2-2-2013
20100014@unknown@formal@none@1@S@Associates say Mr. Hahn picked up that careful approach to management as president of Virginia Polytechnic Institute.@@@@1@17@@oe@2-2-2013
20100015@unknown@formal@none@1@S@Assuming that post at the age of 35, he managed by consensus, as is the rule in universities, says Warren H. Strother, a university official who is researching a book on Mr. Hahn.@@@@1@33@@oe@2-2-2013
20100016@unknown@formal@none@1@S@But he also showed a willingness to take a strong stand.@@@@1@11@@oe@2-2-2013
20100017@unknown@formal@none@1@S@In 1970, Mr. Hahn called in state police to arrest student protesters who were occupying a university building.@@@@1@18@@oe@2-2-2013
20100018@unknown@formal@none@1@S@That impressed Robert B. Pamplin, Georgia-Pacific's chief executive at the time, whom Mr. Hahn had met while fundraising for the institute.@@@@1@21@@oe@2-2-2013
20100019@unknown@formal@none@1@S@In 1975, Mr. Pamplin enticed Mr. Hahn into joining the company as executive vice president in charge of chemicals; the move befuddled many in Georgia-Pacific who didn't believe a university administrator could make the transition to the corporate world.@@@@1@39@@oe@2-2-2013
20100020@unknown@formal@none@1@S@But Mr. Hahn rose swiftly through the ranks, demonstrating a raw intelligence that he says he knew he possessed early on.@@@@1@21@@oe@2-2-2013
20100021@unknown@formal@none@1@S@The son of a physicist, Mr. Hahn skipped first grade because his reading ability was so far above his classmates.@@@@1@20@@oe@2-2-2013
20100022@unknown@formal@none@1@S@Moving rapidly through school, he graduated Phi Beta Kappa from the University of Kentucky at age 18, after spending only 2 1/2 years in college.@@@@1@25@@oe@2-2-2013
20100023@unknown@formal@none@1@S@He earned his doctorate in nuclear physics from the Massachusetts Institute of Technology.@@@@1@13@@oe@2-2-2013
20100024@unknown@formal@none@1@S@Mr. Hahn agrees that he has a "retentive" memory, but friends say that's an understatement.@@@@1@15@@oe@2-2-2013
20100025@unknown@formal@none@1@S@They call it "photographic".@@@@1@4@@oe@2-2-2013
20100026@unknown@formal@none@1@S@Mr. Hahn also has engineered a surprising turnaround of Georgia-Pacific.@@@@1@10@@oe@2-2-2013
20100027@unknown@formal@none@1@S@Taking over as chief executive officer in 1983, he inherited a company that was mired in debt and hurt by a recession-inspired slide in its building-products business.@@@@1@27@@oe@2-2-2013
20100028@unknown@formal@none@1@S@Mr. Hahn began selling non-core businesses, such as oil and gas and chemicals.@@@@1@13@@oe@2-2-2013
20100029@unknown@formal@none@1@S@He even sold one unit that made vinyl checkbook covers.@@@@1@10@@oe@2-2-2013
20100030@unknown@formal@none@1@S@At the same time, he began building up the pulp and paper segment of the company while refocusing building products on home repair and remodeling, rather than materials for new-home construction.@@@@1@31@@oe@2-2-2013
20100031@unknown@formal@none@1@S@The idea was to buffet building products from cycles in new-home construction.@@@@1@12@@oe@2-2-2013
20100032@unknown@formal@none@1@S@The formula has paid off, so far.@@@@1@7@@oe@2-2-2013
20100033@unknown@formal@none@1@S@Georgia-Pacific's sales climbed to $9.5 billion last year, compared with $6 billion in 1983, when Mr. Hahn took the reins.@@@@1@20@@oe@2-2-2013
20100034@unknown@formal@none@1@S@Profit from continuing operations has soared to $467 million from $75 million.@@@@1@12@@oe@2-2-2013
20100035@unknown@formal@none@1@S@Mr. Hahn attributes the gains to the philosophy of concentrating on what a company knows best.@@@@1@16@@oe@2-2-2013
20100036@unknown@formal@none@1@S@"The record of companies that have diversified isn't all that impressive," he says.@@@@1@13@@oe@2-2-2013
20100037@unknown@formal@none@1@S@Nekoosa wouldn't be a diversification.@@@@1@5@@oe@2-2-2013
20100038@unknown@formal@none@1@S@It would be a good match, Mr. Hahn and many analysts say, of two healthy companies with high-quality assets and strong cash flows.@@@@1@23@@oe@2-2-2013
20100039@unknown@formal@none@1@S@The resulting company would be the largest forest-products concern in the world with combined sales of more than $13 billion.@@@@1@20@@oe@2-2-2013
20100040@unknown@formal@none@1@S@But can Mr. Hahn carry it off?@@@@1@7@@oe@2-2-2013
20100041@unknown@formal@none@1@S@In this instance, industry observers say, he is entering uncharted waters.@@@@1@11@@oe@2-2-2013
20100042@unknown@formal@none@1@S@Says Kathryn McAuley, an analyst at First Manhattan Co.: "This is the greatest acquisition challenge he has faced.@@@@1@18@@oe@2-2-2013
20101001@unknown@formal@none@1@S@A House-Senate conference approved major portions of a package for more than $500 million in economic aid for Poland that relies heavily on $240 million in credit and loan guarantees in fiscal 1990 in hopes of stimulating future trade and investment.@@@@1@41@@oe@2-2-2013
20101002@unknown@formal@none@1@S@For the Agency for International Development, appropriators approved $200 million in secondary loan guarantees under an expanded trade credit insurance program, and total loan guarantees for the Overseas Private Investment Corp. are increased by $40 million over fiscal 1989 as part of the same Poland package.@@@@1@46@@oe@2-2-2013
20101003@unknown@formal@none@1@S@The conference approved at least $55 million in direct cash and development assistance as well, and though no decision was made, both sides are committed to adding more than $200 million in economic support funds and environmental initiatives sought by the Bush administration.@@@@1@43@@oe@2-2-2013
20101004@unknown@formal@none@1@S@The agreement on Poland contrasts with the major differences remaining over the underlying foreign aid bill, which has already provoked veto threats by the White House and is sharply confined under this year's budget.@@@@1@34@@oe@2-2-2013
20101005@unknown@formal@none@1@S@These fiscal pressures are also a factor in shaping the Poland package, and while more ambitious authorizing legislation is still pending, the appropriations bill in conference will be more decisive on U.S. aid to Eastern Europe.@@@@1@36@@oe@2-2-2013
20101006@unknown@formal@none@1@S@To accommodate the additional cash assistance, the House Appropriations Committee last week was required to reallocate an estimated $140 million from the Pentagon.@@@@1@23@@oe@2-2-2013
20101007@unknown@formal@none@1@S@And though the size of the loan guarantees approved yesterday is significant, recent experience with a similar program in Central America indicates that it could take several years before the new Polish government can fully use the aid effectively.@@@@1@39@@oe@2-2-2013
20101008@unknown@formal@none@1@S@The action on Poland came as the conference separately approved $220 million for international population planning activities, an 11% increase over fiscal 1989.@@@@1@23@@oe@2-2-2013
20101009@unknown@formal@none@1@S@The House and Senate are divided over whether the United Nations Population Fund will receive any portion of these appropriations, but the size of the increase is itself significant.@@@@1@29@@oe@2-2-2013
20101010@unknown@formal@none@1@S@In a second area of common concern, the world environment, an additional $15 million will be provided in development assistance to fund a series of initiatives, related both to global warming and the plight of the African elephant.@@@@1@38@@oe@2-2-2013
20101011@unknown@formal@none@1@S@The sweeping nature of the bill draws a variety of special interest amendments, running from an import exemption for a California airplane museum to a small but intriguing struggle among sugar producing nations over the fate of Panama's quota of exports to the profitable U.S. market.@@@@1@46@@oe@2-2-2013
20101012@unknown@formal@none@1@S@Panama was stripped of this right because of U.S. differences with the Noriega regime, but the Central American country would have received a quota of 30,537 metric tons over a 21-month period ending Sept. 30, 1990.@@@@1@36@@oe@2-2-2013
20101013@unknown@formal@none@1@S@About a quarter of this share has already been reallocated, according to the industry, but the remaining 23,403 tons are still a lucrative target for growers because the current U.S. price of 18 cents a pound runs as much as a nickel a pound above the world rate.@@@@1@48@@oe@2-2-2013
20101014@unknown@formal@none@1@S@The potential sales are nearly $9.3 million, and House Majority Whip William Gray (D., Pa.) began the bidding this year by proposing language that the quota be allocated to English-speaking countries of the Caribbean, such as Jamaica and Barbados.@@@@1@39@@oe@2-2-2013
20101015@unknown@formal@none@1@S@Rep. Jerry Lewis, a conservative Californian, added a provision of his own intended to assist Bolivia, and the Senate then broadened the list further by including all countries in the U.S. Caribbean Basin initiate as well as the Philippines-backed by the powerful Hawaii Democrat Sen. Daniel Inouye.@@@@1@47@@oe@2-2-2013
20101016@unknown@formal@none@1@S@Jamaica, wary of upsetting its Caribbean Basin allies, has apparently instructed its lobbyist to abandon the provision initially drafted by Mr. Gray, but the greater question is whether Mr. Inouye, who has strong ties to the sugar industry, is able to insert a claim by the Philippines.@@@@1@47@@oe@2-2-2013
20101017@unknown@formal@none@1@S@In separate floor action, the House waived budget restrictions and gave quick approval to $3.18 billion in supplemental appropriations for law enforcement and anti-drug programs in fiscal 1990.@@@@1@28@@oe@2-2-2013
20101018@unknown@formal@none@1@S@The funding is attached to an estimated $27.1 billion transportation bill that goes next to the Senate and carries with it a proposed permanent smoking ban on virtually all U.S. domestic airline flights.@@@@1@33@@oe@2-2-2013
20101019@unknown@formal@none@1@S@The leadership hopes to move the compromise measure promptly to the White House, but in recent days, the Senate has been as likely to bounce bills back to the House.@@@@1@30@@oe@2-2-2013
20101020@unknown@formal@none@1@S@The most recent example was a nearly $17.3 billion fiscal 1990 bill funding the State, Justice and Commerce departments.@@@@1@19@@oe@2-2-2013
20101021@unknown@formal@none@1@S@And after losing a battle Tuesday night with the Senate Foreign Relations Committee, appropriators from both houses are expected to be forced back to conference.@@@@1@25@@oe@2-2-2013
20102001@unknown@formal@none@1@S@Beauty Takes Backseat To Safety on Bridges@@@@1@7@@oe@2-2-2013
20102002@unknown@formal@none@1@S@EVERYONE AGREES that most of the nation's old bridges need to be repaired or replaced.@@@@1@15@@oe@2-2-2013
20102003@unknown@formal@none@1@S@But there's disagreement over how to do it.@@@@1@8@@oe@2-2-2013
20102004@unknown@formal@none@1@S@Highway officials insist the ornamental railings on older bridges aren't strong enough to prevent vehicles from crashing through.@@@@1@18@@oe@2-2-2013
20102005@unknown@formal@none@1@S@But other people don't want to lose the bridges' beautiful, sometimes historic, features.@@@@1@13@@oe@2-2-2013
20102006@unknown@formal@none@1@S@"The primary purpose of a railing is to contain a vehicle and not to provide a scenic view," says Jack White, a planner with the Indiana Highway Department.@@@@1@28@@oe@2-2-2013
20102007@unknown@formal@none@1@S@He and others prefer to install railings such as the "type F safety shape," a four-foot-high concrete slab with no openings.@@@@1@21@@oe@2-2-2013
20102008@unknown@formal@none@1@S@In Richmond, Ind., the type F railing is being used to replace arched openings on the G Street Bridge.@@@@1@19@@oe@2-2-2013
20102009@unknown@formal@none@1@S@Garret Boone, who teaches art at Earlham College, calls the new structure "just an ugly bridge" and one that blocks the view of a new park below.@@@@1@27@@oe@2-2-2013
20102010@unknown@formal@none@1@S@In Hartford, Conn., the Charter Oak Bridge will soon be replaced, the cast-iron medallions from its railings relegated to a park.@@@@1@21@@oe@2-2-2013
20102011@unknown@formal@none@1@S@Compromises are possible.@@@@1@3@@oe@2-2-2013
20102012@unknown@formal@none@1@S@Citizens in Peninsula, Ohio, upset over changes to a bridge, negotiated a deal: The bottom half of the railing will be type F, while the top half will have the old bridge's floral pattern.@@@@1@34@@oe@2-2-2013
20102013@unknown@formal@none@1@S@Similarly, highway engineers agreed to keep the old railings on the Key Bridge in Washington, D.C., as long as they could install a crash barrier between the sidewalk and the road.@@@@1@31@@oe@2-2-2013
20102014@unknown@formal@none@1@S@Tray Bon?@@@@1@2@@oe@2-2-2013
20102015@unknown@formal@none@1@S@Drink Carrier Competes With Cartons@@@@1@5@@oe@2-2-2013
20102016@unknown@formal@none@1@S@PORTING POTABLES just got easier, or so claims Scypher Corp., the maker of the Cup-Tote.@@@@1@15@@oe@2-2-2013
20102017@unknown@formal@none@1@S@The Chicago company's beverage carrier, meant to replace cardboard trays at concession stands and fast-food outlets, resembles the plastic loops used on six-packs of beer, only the loops hang from a web of strings.@@@@1@34@@oe@2-2-2013
20102018@unknown@formal@none@1@S@The new carrier can tote as many as four cups at once.@@@@1@12@@oe@2-2-2013
20102019@unknown@formal@none@1@S@Inventor Claire Marvin says his design virtually eliminates spilling.@@@@1@9@@oe@2-2-2013
20102020@unknown@formal@none@1@S@Lids aren't even needed.@@@@1@4@@oe@2-2-2013
20102021@unknown@formal@none@1@S@He also claims the carrier costs less and takes up less space than most paper carriers.@@@@1@16@@oe@2-2-2013
20102022@unknown@formal@none@1@S@A few fast-food outlets are giving it a try.@@@@1@9@@oe@2-2-2013
20102023@unknown@formal@none@1@S@The company acknowledges some problems.@@@@1@5@@oe@2-2-2013
20102024@unknown@formal@none@1@S@A driver has to find something to hang the carrier on, so the company supplies a window hook.@@@@1@18@@oe@2-2-2013
20102025@unknown@formal@none@1@S@While it breaks down in prolonged sunlight, it isn't recyclable.@@@@1@10@@oe@2-2-2013
20102026@unknown@formal@none@1@S@And unlike some trays, there's no place for food.@@@@1@9@@oe@2-2-2013
20102027@unknown@formal@none@1@S@Spirit of Perestroika Touches Design World@@@@1@6@@oe@2-2-2013
20102028@unknown@formal@none@1@S@AN EXCHANGE of U.S. and Soviet designers promises change on both sides.@@@@1@12@@oe@2-2-2013
20102029@unknown@formal@none@1@S@An exhibition of American design and architecture opened in September in Moscow and will travel to eight other Soviet cities.@@@@1@20@@oe@2-2-2013
20102030@unknown@formal@none@1@S@The show runs the gamut, from a blender to chairs to a model of the Citicorp building.@@@@1@17@@oe@2-2-2013
20102031@unknown@formal@none@1@S@The event continues into next year and includes an exchange program to swap design teachers at Carnegie-Mellon and Leningrad's Mutchin Institute.@@@@1@21@@oe@2-2-2013
20102032@unknown@formal@none@1@S@Dan Droz, leader of the Carnegie-Mellon group, sees benefits all around.@@@@1@11@@oe@2-2-2013
20102033@unknown@formal@none@1@S@The Soviets, who normally have few clients other than the state, will get "exposure to a market system," he says.@@@@1@20@@oe@2-2-2013
20102034@unknown@formal@none@1@S@Americans will learn more about making products for the Soviets.@@@@1@10@@oe@2-2-2013
20102035@unknown@formal@none@1@S@Mr. Droz says the Soviets could even help U.S. designers renew their sense of purpose.@@@@1@15@@oe@2-2-2013
20102036@unknown@formal@none@1@S@"In Moscow, they kept asking us things like, `Why do you make 15 different corkscrews, when all you need is one good one?'" he says.@@@@1@25@@oe@2-2-2013
20102037@unknown@formal@none@1@S@"They got us thinking maybe we should be helping U.S. companies improve existing products rather than always developing new ones."@@@@1@20@@oe@2-2-2013
20102038@unknown@formal@none@1@S@Seed for Jail Solution Fails to Take Root@@@@1@8@@oe@2-2-2013
20102039@unknown@formal@none@1@S@IT'S A TWO BIRDS with one stone deal: Eggers Group architects propose using grain elevators to house prisoners.@@@@1@18@@oe@2-2-2013
20102040@unknown@formal@none@1@S@It would ease jail overcrowding while preserving historic structures, the company says.@@@@1@12@@oe@2-2-2013
20102041@unknown@formal@none@1@S@But New York state, which is seeking solutions to its prison cell shortage, says "no."@@@@1@15@@oe@2-2-2013
20102042@unknown@formal@none@1@S@Grain elevators built in the 1920s and '30s have six-inch concrete walls and a tubular shape that would easily contain semicircular cells with a control point in the middle, the New York firm says.@@@@1@34@@oe@2-2-2013
20102043@unknown@formal@none@1@S@Many are far enough from residential areas to pass public muster, yet close enough to permit family visits.@@@@1@18@@oe@2-2-2013
20102044@unknown@formal@none@1@S@Besides, Eggers says, grain elevators are worth preserving for aesthetic reasons -- one famed architect compared them to the pyramids of Egypt.@@@@1@22@@oe@2-2-2013
20102045@unknown@formal@none@1@S@A number of cities -- including Minneapolis, Philadelphia and Houston -- have vacant grain elevators, Eggers says.@@@@1@17@@oe@2-2-2013
20102046@unknown@formal@none@1@S@A medium-sized one in Brooklyn, it says, could be altered to house up to 1,000 inmates at a lower cost than building a new prison in upstate New York.@@@@1@29@@oe@2-2-2013
20102047@unknown@formal@none@1@S@A spokesman for the state, however, calls the idea "not effective or cost efficient.@@@@1@14@@oe@2-2-2013
20103001@unknown@formal@none@1@S@The Labor Department cited USX Corp. for numerous health and safety violations at two Pennsylvania plants, and proposed $7.3 million in fines, the largest penalty ever proposed for alleged workplace violations by an employer.@@@@1@34@@oe@2-2-2013
20103002@unknown@formal@none@1@S@The department's Occupational Safety and Health Administration proposed fines of $6.1 million for alleged violations at the company's Fairless Hills, Pa., steel mill; that was a record for proposed penalties at any single facility.@@@@1@34@@oe@2-2-2013
20103003@unknown@formal@none@1@S@OSHA cited nearly 1,500 alleged violations of federal electrical, crane-safety, record-keeping and other requirements.@@@@1@14@@oe@2-2-2013
20103004@unknown@formal@none@1@S@A second citation covering the company's Clairton, Pa., coke works involved more than 200 alleged violations of electrical-safety and other requirements, for which OSHA proposed $1.2 million in fines.@@@@1@29@@oe@2-2-2013
20103005@unknown@formal@none@1@S@Labor Secretary Elizabeth Dole said, "The magnitude of these penalties and citations is matched only by the magnitude of the hazards to workers which resulted from corporate indifference to worker safety and health, and severe cutbacks in the maintenance and repair programs needed to remove those hazards."@@@@1@47@@oe@2-2-2013
20103006@unknown@formal@none@1@S@OSHA said there have been three worker fatalities at the two plants in the past two years and 17 deaths since 1972.@@@@1@22@@oe@2-2-2013
20103007@unknown@formal@none@1@S@Gerard Scannell, the head of OSHA, said USX managers have known about many of the safety and health deficiencies at the plants for years, "yet have failed to take necessary action to counteract the hazards."@@@@1@35@@oe@2-2-2013
20103008@unknown@formal@none@1@S@"Particularly flagrant," Mrs. Dole said, "are the company's numerous failures to properly record injuries at its Fairless works, in spite of the firm promise it had made in an earlier corporate-wide settlement agreement to correct such discrepancies."@@@@1@37@@oe@2-2-2013
20103009@unknown@formal@none@1@S@That settlement was in April 1987.@@@@1@6@@oe@2-2-2013
20103010@unknown@formal@none@1@S@A USX spokesman said the company hadn't yet received any documents from OSHA regarding the penalty or fine.@@@@1@18@@oe@2-2-2013
20103011@unknown@formal@none@1@S@"Once we do, they will receive very serious evaluation," the spokesman said.@@@@1@12@@oe@2-2-2013
20103012@unknown@formal@none@1@S@"No consideration is more important than the health and safety of our employees."@@@@1@13@@oe@2-2-2013
20103013@unknown@formal@none@1@S@USX said it has been cooperating with OSHA since the agency began investigating the Clairton and Fairless works.@@@@1@18@@oe@2-2-2013
20103014@unknown@formal@none@1@S@He said that, if and when safety problems were identified, they were corrected.@@@@1@13@@oe@2-2-2013
20103015@unknown@formal@none@1@S@The USX citations represented the first sizable enforcement action taken by OSHA under Mr. Scannell.@@@@1@15@@oe@2-2-2013
20103016@unknown@formal@none@1@S@He has promised stiffer fines, though the size of penalties sought by OSHA have been rising in recent years even before he took office this year.@@@@1@26@@oe@2-2-2013
20103017@unknown@formal@none@1@S@"The big problem is that USX management has proved unwilling to devote the necessary resources and manpower to removing hazards and to safeguarding safety and health in the plants," said Linda Anku, OSHA regional administrator in Philadelphia.@@@@1@37@@oe@2-2-2013
20103018@unknown@formal@none@1@S@USX has 15 working days to contest the citations and proposed penalties, before the independent Occupational Safety and Health Review Commission.@@@@1@21@@oe@2-2-2013
20103019@unknown@formal@none@1@S@Before the USX case, OSHA's largest proposed fine for one employer was $4.3 million for alleged safety violations at John Morrell & Co., a meatpacking subsidiary of United Brands Co., Cincinnati.@@@@1@31@@oe@2-2-2013
20103020@unknown@formal@none@1@S@The company is contesting the fine.@@@@1@6@@oe@2-2-2013
20104001@unknown@formal@none@1@S@Due to an editing error, a letter to the editor in yesterday's edition from Frederick H. Hallett mistakenly identified the NRDC.@@@@1@21@@oe@2-2-2013
20104002@unknown@formal@none@1@S@It should be the Natural Resources Defense Council.@@@@1@8@@oe@2-2-2013
20105001@unknown@formal@none@1@S@Your Oct. 6 editorial "The Ill Homeless" referred to research by us and six of our colleagues that was reported in the Sept. 8 issue of the Journal of the American Medical Association.@@@@1@33@@oe@2-2-2013
20105002@unknown@formal@none@1@S@Your comments implied we had discovered that the "principal cause" of homelessness is to be found in the large numbers of mentally ill and substance-abusing people in the homeless population.@@@@1@30@@oe@2-2-2013
20105003@unknown@formal@none@1@S@We have made no such statement.@@@@1@6@@oe@2-2-2013
20105004@unknown@formal@none@1@S@It is clear that most mentally ill people and most alcoholics do not become homeless.@@@@1@15@@oe@2-2-2013
20105005@unknown@formal@none@1@S@The "causes" of homelessness are poorly understood and complex in any individual case.@@@@1@13@@oe@2-2-2013
20105006@unknown@formal@none@1@S@In quoting from our research you emphasized the high prevalance of mental illness and alcoholism.@@@@1@15@@oe@2-2-2013
20105007@unknown@formal@none@1@S@You did not note that the homeless people we examined had a multitude of physical disorders in addition to their psychiatric problems and substance abuse.@@@@1@25@@oe@2-2-2013
20105008@unknown@formal@none@1@S@They suffered from malnutrition, chest diseases, cardiovascular disorders, skin problems, infectious diseases and the aftereffects of assaults and rape.@@@@1@19@@oe@2-2-2013
20105009@unknown@formal@none@1@S@Homeless people not only lack safety, privacy and shelter, they also lack the elementary necessities of nutrition, cleanliness and basic health care.@@@@1@22@@oe@2-2-2013
20105010@unknown@formal@none@1@S@In a recent report, the Institute of Medicine pointed out that certain health problems may predispose a person to homelessness, others may be a consequence of it, and a third category is composed of disorders whose treatment is difficult or impossible if a person lacks adequate shelter.@@@@1@47@@oe@2-2-2013
20105011@unknown@formal@none@1@S@The interactions between health and homelessness are complex, defying sweeping generalizations as to "cause" or "effect."@@@@1@16@@oe@2-2-2013
20105012@unknown@formal@none@1@S@If we look to the future, preventing homelessness is an important objective.@@@@1@12@@oe@2-2-2013
20105013@unknown@formal@none@1@S@This will require us to develop a much more sophisticated understanding of the dynamics of homelessness than we currently possess, an understanding that can be developed only through careful study and research.@@@@1@32@@oe@2-2-2013
20105014@unknown@formal@none@1@S@William R. Breakey M.D. Pamela J. Fischer M.D. Department of Psychiatry Johns Hopkins University School of Medicine Baltimore@@@@1@18@@oe@2-2-2013
20105015@unknown@formal@none@1@S@A study by Tulane Prof. James Wright says homelessness is due to a complex array of problems, with the common thread of poverty.@@@@1@23@@oe@2-2-2013
20105016@unknown@formal@none@1@S@The study shows that nearly 40% of the homeless population is made up of women and children and that only 25% of the homeless exhibits some combination of drug, alcohol and mental problems.@@@@1@33@@oe@2-2-2013
20105017@unknown@formal@none@1@S@According to Dr. Wright, homelessness is "simultaneously a housing problem, an employment problem, a demographic problem, a problem of social disaffiliation, a mental health problem, a family violence problem, a problem created by the cutbacks in social welfare spending, a problem resulting from the decay of the traditional nuclear family, and a problem intimately connected to the recent increase in the number of persons living below the poverty level."@@@@1@69@@oe@2-2-2013
20105018@unknown@formal@none@1@S@Leighton E. Cluff M.D. President Robert Wood Johnson Foundation Princeton, N.J.@@@@1@11@@oe@2-2-2013
20105019@unknown@formal@none@1@S@To quote the highly regarded director of a privately funded drop-in center for the homeless in New York: "If you're homeless, you don't sleep for fear of being robbed or murdered.@@@@1@31@@oe@2-2-2013
20105020@unknown@formal@none@1@S@After your first three weeks of sleep deprivation, you're scarcely in touch with reality any more; without psychiatric treatment, you may well be unable to fend for yourself ever again."@@@@1@30@@oe@2-2-2013
20105021@unknown@formal@none@1@S@Some of the homeless, obviously, had pre-existing mental illness or addiction.@@@@1@11@@oe@2-2-2013
20105022@unknown@formal@none@1@S@But many others have fallen through cracks in the economy into the grim, brutal world of our city streets.@@@@1@19@@oe@2-2-2013
20105023@unknown@formal@none@1@S@Once there, what ways of escape are open to them other than drink, drugs or insanity?@@@@1@16@@oe@2-2-2013
20105024@unknown@formal@none@1@S@Maxwell R.D. Vos Brooklyn, N.Y.@@@@1@5@@oe@2-2-2013
20105025@unknown@formal@none@1@S@You dismiss as "sentimental" the view that the reduction of federal housing-assistance programs by 77% might have played a significant role in the increased number of men and women sleeping on our city streets during the Reagan-Bush years.@@@@1@38@@oe@2-2-2013
20105026@unknown@formal@none@1@S@There is no sign that you bothered to consider the inverse of your logic: namely, that mental illness and substance abuse might be to some degree consequences rather than causes of homelessness.@@@@1@32@@oe@2-2-2013
20105027@unknown@formal@none@1@S@Your research stopped when a convenient assertion could be made.@@@@1@10@@oe@2-2-2013
20105028@unknown@formal@none@1@S@Robert S. Jenkins Cambridge, Mass.@@@@1@5@@oe@2-2-2013
20105029@unknown@formal@none@1@S@Of the approximately 200 sponsors of the recent march in Washington for the homeless, you chose to cite such groups as the National Association of Home Builders and the International Union of Bricklayers and Allied Craftsmen, insinuating that the march got its major support from self-serving groups that "know a good thing when they see it," and that the crusade was based on greed or the profit motive.@@@@1@68@@oe@2-2-2013
20105030@unknown@formal@none@1@S@But isn't the desire for profit the driving force behind those who subscribe to, and advertise in, your paper?@@@@1@19@@oe@2-2-2013
20105031@unknown@formal@none@1@S@Why didn't you mention the YMCA or the YWCA or Catholic Charities USA or a hundred other nonprofit organizations that participated in the march?@@@@1@24@@oe@2-2-2013
20105032@unknown@formal@none@1@S@As for the findings on the 203 Baltimore homeless who underwent psychiatric examinations, I suggest you conduct your own survey.@@@@1@20@@oe@2-2-2013
20105033@unknown@formal@none@1@S@Choose 203 business executives, including, perhaps, someone from your own staff, and put them out on the streets, to be deprived for one month of their homes, families and income.@@@@1@30@@oe@2-2-2013
20105034@unknown@formal@none@1@S@I would predict that within a short time most of them would find Thunderbird a satisfactory substitute for Chivas Regal and that their "normal" phobias, anxieties, depressions and substance abuse would increase dramatically.@@@@1@33@@oe@2-2-2013
20105035@unknown@formal@none@1@S@Ruth K. Nelson Cullowhee, N.C.@@@@1@5@@oe@2-2-2013
20106001@unknown@formal@none@1@S@ROGERS COMMUNICATIONS Inc. said it plans to raise 175 million to 180 million Canadian dollars (US$148.9 million to $153.3 million) through a private placement of perpetual preferred shares.@@@@1@28@@oe@2-2-2013
20106002@unknown@formal@none@1@S@Perpetual preferred shares aren't retractable by the holders, the company said.@@@@1@11@@oe@2-2-2013
20106003@unknown@formal@none@1@S@Rogers said the shares will be convertible into Class B shares, but that the company has the option to redeem the shares before a conversion takes place.@@@@1@27@@oe@2-2-2013
20106004@unknown@formal@none@1@S@A spokesman for the Toronto cable television and telecommunications concern said the coupon rate hasn't yet been fixed, but will probably be set at around 8%.@@@@1@26@@oe@2-2-2013
20106005@unknown@formal@none@1@S@He declined to discuss other terms of the issue.@@@@1@9@@oe@2-2-2013
20107001@unknown@formal@none@1@S@The House passed legislation designed to make it easier for the Transportation Department to block airline leveraged buy-outs.@@@@1@18@@oe@2-2-2013
20107002@unknown@formal@none@1@S@The final vote came after the House rejected Republican efforts to weaken the bill and approved two amendments sought by organized labor.@@@@1@22@@oe@2-2-2013
20107003@unknown@formal@none@1@S@The Bush administration has threatened to veto such a bill because of what it views as an undesirable intrusion into the affairs of industry, but the 300-113 vote suggests that supporters have the potential to override a veto.@@@@1@38@@oe@2-2-2013
20107004@unknown@formal@none@1@S@The broader question is where the Senate stands on the issue.@@@@1@11@@oe@2-2-2013
20107005@unknown@formal@none@1@S@While the Senate Commerce Committee has approved legislation similar to the House bill on airline leveraged buy-outs, the measure hasn't yet come to the full floor.@@@@1@26@@oe@2-2-2013
20107006@unknown@formal@none@1@S@Although the legislation would apply to acquisitions involving any major airline, it is aimed at giving the Transportation Department the chance to review in advance transactions financed by large amounts of debt.@@@@1@32@@oe@2-2-2013
20107007@unknown@formal@none@1@S@"The purpose of the bill is to put the brakes on airline acquisitions that would so load a carrier up with debt that it would impede safety or a carrier's ability to compete," Rep. John Paul Hammerschmidt, (R., Ark.) said.@@@@1@40@@oe@2-2-2013
20107008@unknown@formal@none@1@S@The bill, as it was approved by the House Public Works and Transportation Committee, would give the Transportation Department up to 50 days to review any purchase of 15% or more of the stock in an airline.@@@@1@37@@oe@2-2-2013
20107009@unknown@formal@none@1@S@The department would be required to block the buy-out if the acquisition is likely to financially weaken a carrier so that safety would be impaired; its ability to compete would be sharply diminished; it would be put into foreign control; or if the transaction would result in the sale of airline-related assets -- unless selling such assets had an overriding public benefit.@@@@1@62@@oe@2-2-2013
20107010@unknown@formal@none@1@S@The House approved an amendment offered by Rep. Peter DeFazio (D., Ore.) that would, in addition to the previous criteria, also require the department to block the acquisition of an airline if the added debt incurred were likely to result in a reduction in the number of the carrier's employees, or their wages or benefits.@@@@1@55@@oe@2-2-2013
20107011@unknown@formal@none@1@S@Rep. James Traficant (D., Ohio), said the amendment, which passed 271-147, would "let the American worker know that we consider them occasionally."@@@@1@22@@oe@2-2-2013
20107012@unknown@formal@none@1@S@But Rep. Hammerschmidt said that the provision, which he dubbed a "special interest" amendment, was likely to make the bill even more controversial.@@@@1@23@@oe@2-2-2013
20107013@unknown@formal@none@1@S@On Tuesday, the House approved a labor-backed amendment that would require the Transportation Department to reject airline acquisitions if the person seeking to purchase a carrier had run two or more airlines previously that have filed for protection from creditors under Chapter 11 of the federal Bankruptcy Code.@@@@1@48@@oe@2-2-2013
20107014@unknown@formal@none@1@S@The provision, called the "two-time-losers" amendment by its supporters, apparently was aimed at preventing Texas Air Corp. Chairman Frank Lorenzo from attempting to take over another airline.@@@@1@27@@oe@2-2-2013
20108001@unknown@formal@none@1@S@Follow-up report:@@@@1@2@@oe@2-2-2013
20108002@unknown@formal@none@1@S@You now may drop by the Voice of America offices in Washington and read the text of what the Voice is broadcasting to those 130 million people around the world who tune in to it each week.@@@@1@37@@oe@2-2-2013
20108003@unknown@formal@none@1@S@You can even take notes -- extensive notes, for the Voice folks won't look over your shoulder -- about what you read.@@@@1@22@@oe@2-2-2013
20108004@unknown@formal@none@1@S@You can do all this even if you're not a reporter or a researcher or a scholar or a member of Congress.@@@@1@22@@oe@2-2-2013
20108005@unknown@formal@none@1@S@And my newspaper can print the text of those broadcasts.@@@@1@10@@oe@2-2-2013
20108006@unknown@formal@none@1@S@Until the other day, you as an ordinary citizen of this democracy had no right to see what your government was telling your cousins around the world.@@@@1@27@@oe@2-2-2013
20108007@unknown@formal@none@1@S@That was the law.@@@@1@4@@oe@2-2-2013
20108008@unknown@formal@none@1@S@And I apparently had no right to print hither what the Voice was booming to yon.@@@@1@16@@oe@2-2-2013
20108009@unknown@formal@none@1@S@It was censorship.@@@@1@3@@oe@2-2-2013
20108010@unknown@formal@none@1@S@It was outrageous.@@@@1@3@@oe@2-2-2013
20108011@unknown@formal@none@1@S@And it was stupid.@@@@1@4@@oe@2-2-2013
20108012@unknown@formal@none@1@S@The theory was that the Voice is a propaganda agency and this government shouldn't propagandize its own people.@@@@1@18@@oe@2-2-2013
20108013@unknown@formal@none@1@S@That sounds neat, but this government -- any government -- propagandizes its own people every day.@@@@1@16@@oe@2-2-2013
20108014@unknown@formal@none@1@S@Government press releases, speeches, briefings, tours of military facilities, publications are all propaganda of sorts.@@@@1@15@@oe@2-2-2013
20108015@unknown@formal@none@1@S@Propaganda is just information to support a viewpoint, and the beauty of a democracy is that it enables you to hear or read every viewpoint and then make up your own mind on an issue.@@@@1@35@@oe@2-2-2013
20108016@unknown@formal@none@1@S@The restrictions on viewing and dissemination of Voice material were especially absurd: An agency in the information business was not being allowed to inform.@@@@1@24@@oe@2-2-2013
20108017@unknown@formal@none@1@S@In June 1988, I wrote in this space about this issue.@@@@1@11@@oe@2-2-2013
20108018@unknown@formal@none@1@S@Assuming it wasn't one of those columns that you clipped and put on the refrigerator door, I'll review the facts.@@@@1@20@@oe@2-2-2013
20108019@unknown@formal@none@1@S@The Voice of America is a government agency that broadcasts news and views -- some might say propaganda -- in 43 languages to 130 million listeners around the world.@@@@1@29@@oe@2-2-2013
20108020@unknown@formal@none@1@S@It does a first-rate job.@@@@1@5@@oe@2-2-2013
20108021@unknown@formal@none@1@S@Its budget$184 million -- is paid for by you.@@@@1@9@@oe@2-2-2013
20108022@unknown@formal@none@1@S@But a 1948 law barred the "dissemination" of that material in the U.S.@@@@1@13@@oe@2-2-2013
20108023@unknown@formal@none@1@S@The law let scholars, reporters and researchers read texts of VOA material, only at VOA headquarters in Washington, but it barred them from copying texts.@@@@1@25@@oe@2-2-2013
20108024@unknown@formal@none@1@S@And, of course, there's that word "dissemination."@@@@1@7@@oe@2-2-2013
20108025@unknown@formal@none@1@S@How's that again?@@@@1@3@@oe@2-2-2013
20108026@unknown@formal@none@1@S@"You may come by the agency to read but not copy either manually or by photocopying," a Voice official explained when I asked.@@@@1@23@@oe@2-2-2013
20108027@unknown@formal@none@1@S@What if I tune in my short-wave radio, transcribe an editorial or program, and print it in my newspaper?@@@@1@19@@oe@2-2-2013
20108028@unknown@formal@none@1@S@"Nor are you free to reprint such material," I was advised.@@@@1@11@@oe@2-2-2013
20108029@unknown@formal@none@1@S@That sounded a lot like censorship, so after years of letters and conversations that went nowhere, I sued.@@@@1@18@@oe@2-2-2013
20108030@unknown@formal@none@1@S@A couple of weeks ago, I lost the case in federal district court in Des Moines.@@@@1@16@@oe@2-2-2013
20108031@unknown@formal@none@1@S@At least, that's the way it was reported.@@@@1@8@@oe@2-2-2013
20108032@unknown@formal@none@1@S@And, indeed, the lawsuit was dismissed.@@@@1@6@@oe@2-2-2013
20108033@unknown@formal@none@1@S@But I -- I like to think of it in terms of we, all of us -- won the point.@@@@1@20@@oe@2-2-2013
20108034@unknown@formal@none@1@S@For a funny thing happened on the way to the ruling: The United States Information Agency, which runs the Voice, changed its position on three key points.@@@@1@27@@oe@2-2-2013
20108035@unknown@formal@none@1@S@-- The USIA said that, on reflection, of course I could print anything I could get my hands on.@@@@1@19@@oe@2-2-2013
20108036@unknown@formal@none@1@S@The word dissemination, it decided, referred only to itself.@@@@1@9@@oe@2-2-2013
20108037@unknown@formal@none@1@S@"The USIA officially and publicly declared the absolute right of everyone except the USIA to disseminate agency program materials in the United States," my lawyer, the scholarly Mark McCormick of Des Moines, said in a memo pointing out the facts and trying to make me feel good after the press reported that I had lost.@@@@1@55@@oe@2-2-2013
20108038@unknown@formal@none@1@S@The court noted the new USIA position but, just in case, officially found "that Congress did not intend to preclude plaintiffs from disseminating USIA information domestically."@@@@1@26@@oe@2-2-2013
20108039@unknown@formal@none@1@S@-- The USIA said that, on reflection, anyone could view the VOA materials, not just the reporters, scholars, researchers and congressmen who are mentioned in the statute.@@@@1@27@@oe@2-2-2013
20108040@unknown@formal@none@1@S@"The USIA publicly and officially stated in the litigation that all persons are allowed access to the materials, notwithstanding the statutory designations, because the USIA has determined that it will not check the credentials of any person appearing and requesting to see the materials," Mr. McCormick noted.@@@@1@47@@oe@2-2-2013
20108041@unknown@formal@none@1@S@-- And the USIA said that all of us could take extensive notes.@@@@1@13@@oe@2-2-2013
20108042@unknown@formal@none@1@S@"The agency publicly and officially declared in the lawsuit that persons who examine the materials may make notes and, while the agency position is that persons may not take verbatim notes, no one will check to determine what notes a person has taken," Mr. McCormick reported.@@@@1@46@@oe@2-2-2013
20108043@unknown@formal@none@1@S@I had sought, in my suit, the right to print Voice material, which had been denied me, and I had sought a right to receive the information, arguing in effect that a right to print government information isn't very helpful if I have no right to get the information.@@@@1@49@@oe@2-2-2013
20108044@unknown@formal@none@1@S@But the court disagreed.@@@@1@4@@oe@2-2-2013
20108045@unknown@formal@none@1@S@"The First Amendment proscribes the government from passing laws abridging the right to free speech," Judge Donald O'Brien ruled.@@@@1@19@@oe@2-2-2013
20108046@unknown@formal@none@1@S@"The First Amendment does not prescribe a duty upon the government to assure easy access to information for members of the press."@@@@1@22@@oe@2-2-2013
20108047@unknown@formal@none@1@S@So now the situation is this:@@@@1@6@@oe@2-2-2013
20108048@unknown@formal@none@1@S@You have a right to read Voice of America scripts if you don't mind traveling to Washington every week or so and visiting the Voice office during business hours.@@@@1@29@@oe@2-2-2013
20108049@unknown@formal@none@1@S@I have a right to print those scripts if I go there and laboriously -- but no longer surreptitiously -- copy them out in long hand.@@@@1@26@@oe@2-2-2013
20108050@unknown@formal@none@1@S@But neither of us can copy the material on a Xerox machine or have it sent to us.@@@@1@18@@oe@2-2-2013
20108051@unknown@formal@none@1@S@In an era when every government agency has a public-relations machine that sends you stuff whether you want it or not, this does seem odd.@@@@1@25@@oe@2-2-2013
20108052@unknown@formal@none@1@S@Indeed, Judge O'Brien ruled that "it would be easy to conclude that the USIA's position is `inappropriate or even stupid,'" but it's the law.@@@@1@24@@oe@2-2-2013
20108053@unknown@formal@none@1@S@So the next step, I suspect, is to try to get the law changed.@@@@1@14@@oe@2-2-2013
20108054@unknown@formal@none@1@S@We (I assume you're in this with me at this point) need to get three words -- "for examination only" -- eliminated from the law.@@@@1@25@@oe@2-2-2013
20108055@unknown@formal@none@1@S@Section 501 of the United States Information and Educational Exchange Act of 1948 says Voice material shall be available to certain of us (but now, thanks to the USIA's new position, all of us) "for examination only."@@@@1@37@@oe@2-2-2013
20108056@unknown@formal@none@1@S@If those words weren't there, the nice people at the Voice would be able to send you the information or, at the very least, let you photocopy it.@@@@1@28@@oe@2-2-2013
20108057@unknown@formal@none@1@S@This is not a trivial issue.@@@@1@6@@oe@2-2-2013
20108058@unknown@formal@none@1@S@"You have . . . raised important questions which ought to be answered: What does USIA say about America abroad; how do we say it; and how can American taxpayers get the answers to these questions?" a man wrote me a couple of years ago.@@@@1@45@@oe@2-2-2013
20108059@unknown@formal@none@1@S@The man was Charles Z. Wick.@@@@1@6@@oe@2-2-2013
20108060@unknown@formal@none@1@S@At the time, he was director of the@@@@1@8@@oe@2-2-2013
20108061@unknown@formal@none@1@S@He had no answers then.@@@@1@5@@oe@2-2-2013
20108062@unknown@formal@none@1@S@Now there are some.@@@@1@4@@oe@2-2-2013
20108063@unknown@formal@none@1@S@This democracy is suddenly a little more democratic.@@@@1@8@@oe@2-2-2013
20108064@unknown@formal@none@1@S@I feel pretty good about it.@@@@1@6@@oe@2-2-2013
20108065@unknown@formal@none@1@S@Mr. Gartner is editor and co-owner of the Daily Tribune in Ames, Iowa, and president of NBC News in New York.@@@@1@21@@oe@2-2-2013
20109001@unknown@formal@none@1@S@R. Gordon McGovern was forced out as Campbell Soup Co.'s president and chief executive officer, the strongest evidence yet of the power that Dorrance family members intend to wield in reshaping the troubled food company.@@@@1@35@@oe@2-2-2013
20109002@unknown@formal@none@1@S@Herbert M. Baum, the 53-year-old president of the company's Campbell U.S.A. unit, and Edwin L. Harper, 47, the chief financial officer, will run Campbell as a team, dividing responsibilities rather evenly until a successor is named.@@@@1@36@@oe@2-2-2013
20109003@unknown@formal@none@1@S@The board already has been searching for strong outside candidates, including food-industry executives with considerable international experience.@@@@1@17@@oe@2-2-2013
20109004@unknown@formal@none@1@S@Wall Street reacted favorably to Mr. McGovern's departure and its implications.@@@@1@11@@oe@2-2-2013
20109005@unknown@formal@none@1@S@In heavy trading on the New York Stock Exchange, Campbell's shares rose $3.375 to close at $47.125.@@@@1@17@@oe@2-2-2013
20109006@unknown@formal@none@1@S@"The profit motive of the major shareholders has clearly changed for the better," said John McMillin, a food industry analyst for Prudential-Bache in New York.@@@@1@25@@oe@2-2-2013
20109007@unknown@formal@none@1@S@Mr. McGovern was widely seen as sales, and not profit, oriented.@@@@1@11@@oe@2-2-2013
20109008@unknown@formal@none@1@S@"New managers would think a little more like Wall Street," Mr. McMillin added.@@@@1@13@@oe@2-2-2013
20109009@unknown@formal@none@1@S@Some of the surge in the stock's price appeared to be linked to revived takeover speculation, which has contributed to volatility of Campbell shares in recent months.@@@@1@27@@oe@2-2-2013
20109010@unknown@formal@none@1@S@Campbell's international businesses, particularly in the U.K. and Italy, appear to be at the heart of its problems.@@@@1@18@@oe@2-2-2013
20109011@unknown@formal@none@1@S@Growth has fallen short of targets and operating earnings are far below results in U.S. units.@@@@1@16@@oe@2-2-2013
20109012@unknown@formal@none@1@S@For example, Campbell is a distant third in the U.K. frozen foods market, where it recently paid 24 times earnings for Freshbake Foods PLC and wound up with far more capacity than it could use.@@@@1@35@@oe@2-2-2013
20109013@unknown@formal@none@1@S@Similarly, Campbell's Italian biscuit operation, D. Lazzaroni & Co., has been hurt by overproduction and distribution problems.@@@@1@17@@oe@2-2-2013
20109014@unknown@formal@none@1@S@Such problems will require considerable skill to resolve.@@@@1@8@@oe@2-2-2013
20109015@unknown@formal@none@1@S@However, neither Mr. Baum nor Mr. Harper has much international experience.@@@@1@11@@oe@2-2-2013
20109016@unknown@formal@none@1@S@Mr. Baum, a seasoned marketer who is said to have a good rapport with Campbell employees, will have responsibility for all domestic operations except the Pepperidge Farm unit.@@@@1@28@@oe@2-2-2013
20109017@unknown@formal@none@1@S@Mr. Harper, a veteran of several manufacturing companies who joined Campbell in 1986, will take charge of all overseas operations as well as Pepperidge.@@@@1@24@@oe@2-2-2013
20109018@unknown@formal@none@1@S@In an joint interview yesterday, both men said they would like to be the company's next chief executive.@@@@1@18@@oe@2-2-2013
20109019@unknown@formal@none@1@S@Mr. McGovern, 63, had been under intense pressure from the board to boost Campbell's mediocre performance to the level of other food companies.@@@@1@23@@oe@2-2-2013
20109020@unknown@formal@none@1@S@The board is dominated by the heirs of the late John T. Dorrance Jr., who controlled about 58% of Campbell's stock when he died in April.@@@@1@26@@oe@2-2-2013
20109021@unknown@formal@none@1@S@In recent months, Mr. Dorrance's children and other family members have pushed for improved profitability and higher returns on their equity.@@@@1@21@@oe@2-2-2013
20109022@unknown@formal@none@1@S@In August, the company took a $343 million pretax charge against fiscal 1989 earnings when it announced a world-wide restructuring plan.@@@@1@21@@oe@2-2-2013
20109023@unknown@formal@none@1@S@The plan calls for closing at least nine plants and eliminating about 3,600 jobs.@@@@1@14@@oe@2-2-2013
20109024@unknown@formal@none@1@S@But analysts said early results from the reorganization have been disappointing, especially in Europe, and there were signs that the board became impatient.@@@@1@23@@oe@2-2-2013
20109025@unknown@formal@none@1@S@Campbell officials said Mr. McGovern wasn't available yesterday to discuss the circumstances of his departure.@@@@1@15@@oe@2-2-2013
20109026@unknown@formal@none@1@S@The company's prepared statement quoted him as saying, "The CEO succession is well along and I've decided for personal reasons to take early retirement."@@@@1@24@@oe@2-2-2013
20109027@unknown@formal@none@1@S@But people familiar with the agenda of the board's meeting last week in London said Mr. McGovern was fired.@@@@1@19@@oe@2-2-2013
20109028@unknown@formal@none@1@S@Mr. McGovern himself had said repeatedly that he intended to stay on until he reached the conventional retirement age of 65 in October 1991, "unless I get fired."@@@@1@28@@oe@2-2-2013
20109029@unknown@formal@none@1@S@Campbell said Mr. McGovern had withdrawn his name as a candidate for re-election as a director at the annual shareholder meeting, scheduled for Nov. 17.@@@@1@25@@oe@2-2-2013
20109030@unknown@formal@none@1@S@For fiscal 1989, Mr. McGovern received a salary of $877,663.@@@@1@10@@oe@2-2-2013
20109031@unknown@formal@none@1@S@He owns about 45,000 shares of Campbell stock and has options to buy more than 100,000 additional shares.@@@@1@18@@oe@2-2-2013
20109032@unknown@formal@none@1@S@He will be eligible for an annual pension of more than $244,000 with certain other fringe benefits.@@@@1@17@@oe@2-2-2013
20109033@unknown@formal@none@1@S@During Mr. McGovern's nine-year term as president, the company's sales rose to $5.7 billion from $2.8 billion and net income increased to $274 million from $130 million, the statement said.@@@@1@30@@oe@2-2-2013
20109034@unknown@formal@none@1@S@Mr. Baum said he and Mr. Harper both advocated closing some plants as long ago as early 1988.@@@@1@18@@oe@2-2-2013
20109035@unknown@formal@none@1@S@"You've got to make the restructuring work," said Mr. Baum.@@@@1@10@@oe@2-2-2013
20109036@unknown@formal@none@1@S@"You've got to make those savings now."@@@@1@7@@oe@2-2-2013
20109037@unknown@formal@none@1@S@Mr. Harper expressed confidence that he and Mr. Baum can convince the board of their worthiness to run the company.@@@@1@20@@oe@2-2-2013
20109038@unknown@formal@none@1@S@"We look upon this as a great opportunity to prove the fact that we have a tremendous management team," he said.@@@@1@21@@oe@2-2-2013
20109039@unknown@formal@none@1@S@He predicted that the board would give the current duo until early next year before naming a new chief executive.@@@@1@20@@oe@2-2-2013
20109040@unknown@formal@none@1@S@Mr. Baum said the two have orders to "focus on bottom-line profits" and to "take a hard look at our businesses -- what is good, what is not so good."@@@@1@30@@oe@2-2-2013
20109041@unknown@formal@none@1@S@Analysts generally applaud the performance of Campbell U.S.A., the company's largest division, which posted 6% unit sales growth and a 15% improvement in operating profit for fiscal 1989.@@@@1@28@@oe@2-2-2013
20109042@unknown@formal@none@1@S@"The way that we've been managing Campbell U.S.A. can hopefully spread to other areas of the company," Mr. Baum said.@@@@1@20@@oe@2-2-2013
20109043@unknown@formal@none@1@S@In the interview at headquarters yesterday afternoon, both men exuded confidence and seemed to work well together.@@@@1@17@@oe@2-2-2013
20109044@unknown@formal@none@1@S@"You've got two champions sitting right before you," said Mr. Baum.@@@@1@11@@oe@2-2-2013
20109045@unknown@formal@none@1@S@"We play to win.@@@@1@4@@oe@2-2-2013
20110001@unknown@formal@none@1@S@Wednesday, November 1, 1989@@@@1@4@@oe@2-2-2013
20110002@unknown@formal@none@1@S@The key U.S. and foreign annual interest rates below are a guide to general levels but don't always represent actual transactions.@@@@1@21@@oe@2-2-2013
20110003@unknown@formal@none@1@S@PRIME RATE: 10 1/2%.@@@@1@4@@oe@2-2-2013
20110004@unknown@formal@none@1@S@The base rate on corporate loans at large U.S. money center commercial banks.@@@@1@13@@oe@2-2-2013
20110005@unknown@formal@none@1@S@FEDERAL FUNDS: 9 1/2% high, 8 3/4% low, 8 3/4% near closing bid, 9% offered.@@@@1@15@@oe@2-2-2013
20110006@unknown@formal@none@1@S@Reserves traded among commercial banks for overnight use in amounts of $1 million or more.@@@@1@15@@oe@2-2-2013
20110007@unknown@formal@none@1@S@Source: Fulton Prebon (U.S.A.) Inc.@@@@1@5@@oe@2-2-2013
20110008@unknown@formal@none@1@S@DISCOUNT RATE: 7%.@@@@1@3@@oe@2-2-2013
20110009@unknown@formal@none@1@S@The charge on loans to depository institutions by the New York Federal Reserve Bank.@@@@1@14@@oe@2-2-2013
20110010@unknown@formal@none@1@S@CALL MONEY: 9 3/4%.@@@@1@4@@oe@2-2-2013
20110011@unknown@formal@none@1@S@The charge on loans to brokers on stock exchange collateral.@@@@1@10@@oe@2-2-2013
20110012@unknown@formal@none@1@S@COMMERCIAL PAPER placed directly by General Motors Acceptance Corp.: 8.55% 30 to 44 days; 8.25% 45 to 59 days; 8.45% 60 to 89 days; 8% 90 to 119 days; 7.90% 120 to 149 days; 7.80% 150 to 179 days; 7.55% 180 to 270 days.@@@@1@44@@oe@2-2-2013
20110013@unknown@formal@none@1@S@COMMERCIAL PAPER: High-grade unsecured notes sold through dealers by major corporations in multiples of $1,000: 8.65% 30 days; 8.575% 60 days; 8.50% 90 days.@@@@1@24@@oe@2-2-2013
20110014@unknown@formal@none@1@S@CERTIFICATES OF DEPOSIT: 8.07% one month; 8.06% two months; 8.04% three months; 7.95% six months; 7.88% one year.@@@@1@18@@oe@2-2-2013
20110015@unknown@formal@none@1@S@Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s, usually on amounts of $1 million and more.@@@@1@25@@oe@2-2-2013
20110016@unknown@formal@none@1@S@The minimum unit is $100,000.@@@@1@5@@oe@2-2-2013
20110017@unknown@formal@none@1@S@Typical rates in the secondary market: 8.60% one month; 8.55% three months; 8.35% six months.@@@@1@15@@oe@2-2-2013
20110018@unknown@formal@none@1@S@BANKERS ACCEPTANCES: 8.50% 30 days; 8.48% 60 days; 8.30% 90 days; 8.15% 120 days; 8.07% 150 days; 7.95% 180 days.@@@@1@20@@oe@2-2-2013
20110019@unknown@formal@none@1@S@Negotiable, bank-backed business credit instruments typically financing an import order.@@@@1@10@@oe@2-2-2013
20110020@unknown@formal@none@1@S@LONDON LATE EURODOLLARS: 8 3/4% to 8 5/8% one month; 8 13/16% to 8 11/16% two months; 8 3/4% to 8 5/8% three months; 8 5/8% to 8 1/2% four months; 8 1/2% to 8 7/16% five months; 8 1/2% to 8 3/8% six months.@@@@1@45@@oe@2-2-2013
20110021@unknown@formal@none@1@S@LONDON INTERBANK OFFERED RATES (LIBOR): 8 3/4% one month; 8 3/4% three months; 8 1/2% six months; 8 7/16% one year.@@@@1@21@@oe@2-2-2013
20110022@unknown@formal@none@1@S@The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks.@@@@1@20@@oe@2-2-2013
20110023@unknown@formal@none@1@S@FOREIGN PRIME RATES: Canada 13.50%; Germany 9%; Japan 4.875%; Switzerland 8.50%; Britain 15%.@@@@1@13@@oe@2-2-2013
20110024@unknown@formal@none@1@S@These rate indications aren't directly comparable; lending practices vary widely by location.@@@@1@12@@oe@2-2-2013
20110025@unknown@formal@none@1@S@TREASURY BILLS: Results of the Monday, October 30, 1989, auction of short-term U.S. government bills, sold at a discount from face value in units of $10,000 to $1 million: 7.78% 13 weeks; 7.62% 26 weeks.@@@@1@35@@oe@2-2-2013
20110026@unknown@formal@none@1@S@FEDERAL HOME LOAN MORTGAGE CORP. (Freddie Mac): Posted yields on 30-year mortgage commitments for delivery within 30 days.@@@@1@18@@oe@2-2-2013
20110027@unknown@formal@none@1@S@9.82%, standard conventional fixed-rate mortgages; 8.25%, 2% rate capped one-year adjustable rate mortgages.@@@@1@13@@oe@2-2-2013
20110028@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
20110029@unknown@formal@none@1@S@FEDERAL NATIONAL MORTGAGE ASSOCIATION (Fannie Mae): Posted yields on 30 year mortgage commitments for delivery within 30 days (priced at par) 9.75%, standard conventional fixed-rate mortgages; 8.70%, 6/2 rate capped one-year adjustable rate mortgages.@@@@1@34@@oe@2-2-2013
20110030@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
20110031@unknown@formal@none@1@S@MERRILL LYNCH READY ASSETS TRUST: 8.64%.@@@@1@6@@oe@2-2-2013
20110032@unknown@formal@none@1@S@Annualized average rate of return after expenses for the past 30 days; not a forecast of future returns.@@@@1@18@@oe@2-2-2013
20111001@unknown@formal@none@1@S@Robert L. Bernstein, chairman and president of Random House Inc., announced his resignation from the publishing house he has run for 23 years.@@@@1@23@@oe@2-2-2013
20111002@unknown@formal@none@1@S@A successor wasn't named, which fueled speculation that Mr. Bernstein may have clashed with S.I. Newhouse Jr., whose family company, Advance Publications Inc., owns Random House.@@@@1@26@@oe@2-2-2013
20111003@unknown@formal@none@1@S@Abrupt departures aren't unheard of within the Newhouse empire.@@@@1@9@@oe@2-2-2013
20111004@unknown@formal@none@1@S@In an interview, Mr. Bernstein said his departure "evolved out of discussions with Si Newhouse and that's the decision I reached."@@@@1@21@@oe@2-2-2013
20111005@unknown@formal@none@1@S@He declined to elaborate, other than to say, "It just seemed the right thing to do at this minute.@@@@1@19@@oe@2-2-2013
20111006@unknown@formal@none@1@S@Sometimes you just go with your gut."@@@@1@7@@oe@2-2-2013
20111007@unknown@formal@none@1@S@Mr. Bernstein said he will stay until Dec. 31 and work with his successor, who is to be named soon.@@@@1@20@@oe@2-2-2013
20111008@unknown@formal@none@1@S@Mr. Newhouse, meanwhile, insisted that he isn't unhappy with Mr. Bernstein or the performance of Random House, the largest trade publishing house in the U.S.@@@@1@25@@oe@2-2-2013
20111009@unknown@formal@none@1@S@The company said the publisher's annual sales volume increased to $800 million from $40 million during Mr. Bernstein's tenure.@@@@1@19@@oe@2-2-2013
20111010@unknown@formal@none@1@S@"Bob has handled the extraordinary growth of the company quite brilliantly," said Mr. Newhouse.@@@@1@14@@oe@2-2-2013
20111011@unknown@formal@none@1@S@"The company is doing well, it's stable, it's got good people.@@@@1@11@@oe@2-2-2013
20111012@unknown@formal@none@1@S@Bob has an agenda and this seemed like the natural time."@@@@1@11@@oe@2-2-2013
20111013@unknown@formal@none@1@S@Publishing officials believe that while Random House has enjoyed spectacular growth and has smoothly integrated many acquisitions in recent years, some of the bigger ones haven't been absorbed so easily.@@@@1@30@@oe@2-2-2013
20111014@unknown@formal@none@1@S@Crown Publishing Group, acquired last year, is said to be turning in disappointing results.@@@@1@14@@oe@2-2-2013
20111015@unknown@formal@none@1@S@As a private company, Random House doesn't report its earnings.@@@@1@10@@oe@2-2-2013
20111016@unknown@formal@none@1@S@Mr. Bernstein, who succeeded Bennett Cerf, has been only the second president of Random House since it was founded in 1925.@@@@1@21@@oe@2-2-2013
20111017@unknown@formal@none@1@S@Speculation on his successor centers on a number of division heads at the house.@@@@1@14@@oe@2-2-2013
20111018@unknown@formal@none@1@S@Possible candidates include Susan Petersen, president of Ballantine/Del Rey/Fawcett, Random House's huge and successful paperback division.@@@@1@16@@oe@2-2-2013
20111019@unknown@formal@none@1@S@Some say Anthony Cheetham, head of a recently acquired British company, Century Hutchinson, could be chosen.@@@@1@16@@oe@2-2-2013
20111020@unknown@formal@none@1@S@There is also speculation that Mr. Newhouse could bring in a powerhouse businessman or another Newhouse family member to run the business side, in combination with a publishing executive like Robert Gottlieb, who left Random House's Alfred A. Knopf to run the New Yorker, also owned by the Newhouse family.@@@@1@50@@oe@2-2-2013
20111021@unknown@formal@none@1@S@Not included on the most-likely-successor list are Joni Evans, recruited two years ago to be publisher of adult trade books for Random House, and Sonny Mehta, president of the prestigious Alfred A. Knopf unit.@@@@1@34@@oe@2-2-2013
20111022@unknown@formal@none@1@S@When Ms. Evans took her job, several important divisions that had reported to her predecessor weren't included partly because she didn't wish to be a full-time administrator.@@@@1@27@@oe@2-2-2013
20111023@unknown@formal@none@1@S@Mr. Mehta is widely viewed as a brilliant editor but a less-than-brilliant administrator and his own departure was rumored recently.@@@@1@20@@oe@2-2-2013
20111024@unknown@formal@none@1@S@Mr. Bernstein, a tall, energetic man who is widely respected as a publishing executive, has spent much of his time in recent years on human rights issues.@@@@1@27@@oe@2-2-2013
20112001@unknown@formal@none@1@S@Congress learned during the Reagan administration that it could intimidate the executive branch by uttering again and again the same seven words: "Provided, that no funds shall be spent. . . ."@@@@1@32@@oe@2-2-2013
20112002@unknown@formal@none@1@S@This phrase once again is found throughout the many appropriations bills now moving through Congress.@@@@1@15@@oe@2-2-2013
20112003@unknown@formal@none@1@S@It signals Congress's attempt, under the pretext of guarding the public purse, to deny the president the funding necessary to execute certain of his duties and prerogatives specified in Article II of the Constitution.@@@@1@34@@oe@2-2-2013
20112004@unknown@formal@none@1@S@This species of congressional action is predicated on an interpretation of the appropriations clause that is erroneous and unconstitutional.@@@@1@19@@oe@2-2-2013
20112005@unknown@formal@none@1@S@The appropriations clause states that "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law. . . ."@@@@1@24@@oe@2-2-2013
20112006@unknown@formal@none@1@S@The prevailing interpretation of the clause on Capitol Hill is that it gives Congress an omnipresent veto over every conceivable action of the president through the ability to withhold funding.@@@@1@30@@oe@2-2-2013
20112007@unknown@formal@none@1@S@This interpretation was officially endorsed by Congress in 1987 in the Iran-Contra Report.@@@@1@13@@oe@2-2-2013
20112008@unknown@formal@none@1@S@As partisans of congressional power understand, a "power of the purse" so broadly construed would emasculate the presidency and swallow the principle of separation of powers.@@@@1@26@@oe@2-2-2013
20112009@unknown@formal@none@1@S@It is not supported by the text or history of the Constitution.@@@@1@12@@oe@2-2-2013
20112010@unknown@formal@none@1@S@The framers hardly discussed the appropriations clause at the Constitutional Convention of 1787, according to Madison's notes.@@@@1@17@@oe@2-2-2013
20112011@unknown@formal@none@1@S@To the extent they did, their concern was to ensure fiscal accountability.@@@@1@12@@oe@2-2-2013
20112012@unknown@formal@none@1@S@Moreover, the framers believed that the nation needed a unitary executive with the independence and resources to perform the executive functions that the Confederation Congress had performed poorly under the Articles of Confederation.@@@@1@33@@oe@2-2-2013
20112013@unknown@formal@none@1@S@It would contradict that objective if the appropriations clause (technically a limitation on legislative power) could be read as placing the president on Congress's short leash, making the executive consist of the president and every member of Congress.@@@@1@38@@oe@2-2-2013
20112014@unknown@formal@none@1@S@As it went to the conference panel now deliberating, the appropriations bill for the executive office of the president for fiscal 1990 contained some breathtaking attempts by Congress to rewrite the Constitution under the pretext of protecting the public's money.@@@@1@40@@oe@2-2-2013
20112015@unknown@formal@none@1@S@During the coming weeks, President Bush must decide whether to veto the bills containing them -- or, alternatively, to sign these bills into law with a statement declaring their intrusions on executive power to be in violation of Article II, and thus void and severable.@@@@1@45@@oe@2-2-2013
20112016@unknown@formal@none@1@S@The 1990 appropriations legislation attempts to strip the president of his powers to make certain appointments as provided by Article II.@@@@1@21@@oe@2-2-2013
20112017@unknown@formal@none@1@S@Article II places on the president the duty to nominate, "and by and with the Advice and Consent of the Senate" appoint, ambassadors, judges, and other officers of the U.S.@@@@1@30@@oe@2-2-2013
20112018@unknown@formal@none@1@S@It also empowers the president to make recess appointments, without Senate approval: "The President shall have Power to fill up all Vacancies that may happen during the Recess of the Senate, by granting Commissions which shall expire at the End of their next Session."@@@@1@44@@oe@2-2-2013
20112019@unknown@formal@none@1@S@Yet Section 605 of the appropriations bill for the executive office provides: "No part of any appropriation for the current fiscal year contained in this or any other Act shall be paid to any person for the filling of any position for which he or she has been nominated after the Senate has voted not to approve the nomination of said person."@@@@1@62@@oe@2-2-2013
20112020@unknown@formal@none@1@S@Thus, with one brief passage in an appropriations bill, Congress repeals the president's power to make recess appointments under Article II.@@@@1@21@@oe@2-2-2013
20112021@unknown@formal@none@1@S@Section 605 also imposes unconstitutional conditions on the president's ability to nominate candidates of his choosing.@@@@1@16@@oe@2-2-2013
20112022@unknown@formal@none@1@S@The language of the appropriations rider implies that any nomination to any position of a rejected nominee will result in the president being denied funding to pay that person's salary.@@@@1@30@@oe@2-2-2013
20112023@unknown@formal@none@1@S@The president could probably not avoid this restriction by choosing people willing to serve without pay, because the Anti-Deficiency Act prohibits voluntary service to the government.@@@@1@26@@oe@2-2-2013
20112024@unknown@formal@none@1@S@The 1990 appropriations bills also contain a number of "muzzling" provisions that violate the recommendation clause in Article II of the Constitution.@@@@1@22@@oe@2-2-2013
20112025@unknown@formal@none@1@S@Muzzling provisions, which might be called "blindfold laws" as well, prevent the executive branch from even looking at certain policy options, let alone from recommending them to Congress.@@@@1@28@@oe@2-2-2013
20112026@unknown@formal@none@1@S@Such laws violate the provision in Article II that requires the president to make recommendations to Congress, but which gives the president the discretion to select the subject matter of those recommendations.@@@@1@32@@oe@2-2-2013
20112027@unknown@formal@none@1@S@Typically, these laws seek to prevent executive branch officials from inquiring into whether certain federal programs make any economic sense or proposing more market-oriented alternatives to regulations.@@@@1@27@@oe@2-2-2013
20112028@unknown@formal@none@1@S@Probably the most egregious example is a proviso in the appropriations bill for the executive office that prevents the president's Office of Management and Budget from subjecting agricultural marketing orders to any cost-benefit scrutiny.@@@@1@34@@oe@2-2-2013
20112029@unknown@formal@none@1@S@There is something inherently suspect about Congress's prohibiting the executive from even studying whether public funds are being wasted in some favored program or other.@@@@1@25@@oe@2-2-2013
20112030@unknown@formal@none@1@S@Perhaps none of the unconstitutional conditions contained in the appropriations bills for fiscal 1990 better illustrates Congress's attempt to usurp executive power than Section 609 of the executive-office bill: "None of the funds made available pursuant to the provisions of this Act shall be used to implement, administer, or enforce any regulation which has been disapproved pursuant to a resolution of disapproval duly adopted in accordance with the applicable law of the United States."@@@@1@74@@oe@2-2-2013
20112031@unknown@formal@none@1@S@This provision amounts to a legislative veto over the president's execution of the law, since a one-house resolution could be said to be "duly adopted" even though it would require neither bicameral action in Congress nor presentation to the president for his signature or veto.@@@@1@45@@oe@2-2-2013
20112032@unknown@formal@none@1@S@The Supreme Court's decision in INS v. Chadha held that legislative vetoes are unconstitutional.@@@@1@14@@oe@2-2-2013
20112033@unknown@formal@none@1@S@President Bush should veto appropriations acts that contain these kinds of unconstitutional conditions on the president's ability to discharge his duties and exercise his prerogatives.@@@@1@25@@oe@2-2-2013
20112034@unknown@formal@none@1@S@If President Bush fails to do so in his first year, he will invite Congress, for the remainder of his presidency, to rewrite Article II of the Constitution to suit its purposes.@@@@1@32@@oe@2-2-2013
20112035@unknown@formal@none@1@S@What becomes custom in the Bush administration will only become more difficult for future presidents, including Democrats, to undo.@@@@1@19@@oe@2-2-2013
20112036@unknown@formal@none@1@S@President Reagan learned that lesson.@@@@1@5@@oe@2-2-2013
20112037@unknown@formal@none@1@S@By 1987, then-Speaker Jim Wright was discussing arms control in Moscow with Mikhail Gorbachev and then attempting to direct the president, through an appropriations rider, to treat the Soviets as though the Senate had ratified SALT II.@@@@1@37@@oe@2-2-2013
20112038@unknown@formal@none@1@S@If a veto is unworkable because it would leave part of the executive branch unfunded, the president could sign the appropriations bills into law and assert a power of excision, declaring the rider restricting his Article II powers to be unconstitutional and severable.@@@@1@43@@oe@2-2-2013
20112039@unknown@formal@none@1@S@The Constitution does not expressly give the president such power.@@@@1@10@@oe@2-2-2013
20112040@unknown@formal@none@1@S@However, the president does have a duty not to violate the Constitution.@@@@1@12@@oe@2-2-2013
20112041@unknown@formal@none@1@S@The question is whether his only means of defense is the veto.@@@@1@12@@oe@2-2-2013
20112042@unknown@formal@none@1@S@Excision of appropriations riders that trespass on the president's duties and prerogative under Article II would be different from the line-item veto.@@@@1@22@@oe@2-2-2013
20112043@unknown@formal@none@1@S@As discussed in the context of controlling federal spending, the line-item veto is characterized as a way for the president to excise perfectly constitutional provisions in a spending bill that are objectionable merely because they conflict with his policy objectives.@@@@1@40@@oe@2-2-2013
20112044@unknown@formal@none@1@S@The excision of unconstitutional conditions in an appropriations bill would be a power of far more limited applicability.@@@@1@18@@oe@2-2-2013
20112045@unknown@formal@none@1@S@One could argue that it is not an assertion of a item veto at all for the president, by exerting a power of excision, to resist unconstitutional conditions in legislation that violate the separation of powers.@@@@1@36@@oe@2-2-2013
20112046@unknown@formal@none@1@S@There is no downside if the president asserts a right of excision over unconstitutional conditions in the fiscal 1990 appropriations bills.@@@@1@21@@oe@2-2-2013
20112047@unknown@formal@none@1@S@If Congress does nothing, President Bush will have won.@@@@1@9@@oe@2-2-2013
20112048@unknown@formal@none@1@S@If Congress takes the dispute to the Supreme Court (assuming it can establish standing to sue), President Bush might win.@@@@1@20@@oe@2-2-2013
20112049@unknown@formal@none@1@S@In that case, he might receive an opinion from the court that is a vindication of the president's right to perform the duties and exercise the prerogatives the framers thought should be entrusted to the executive.@@@@1@36@@oe@2-2-2013
20112050@unknown@formal@none@1@S@If President Bush loses at the court, it might be disappointing, as Morrison v. Olson was for the Reagan administration.@@@@1@20@@oe@2-2-2013
20112051@unknown@formal@none@1@S@But the presidency would be no worse off than it is now.@@@@1@12@@oe@2-2-2013
20112052@unknown@formal@none@1@S@Moreover, the electorate would have received a valuable civics lesson in how the separation of powers works in practice.@@@@1@19@@oe@2-2-2013
20112053@unknown@formal@none@1@S@As it stands now, Congress presumes after the Reagan administration that the White House will take unconstitutional provisions in appropriations bills lying down.@@@@1@23@@oe@2-2-2013
20112054@unknown@formal@none@1@S@President Bush should set things straight.@@@@1@6@@oe@2-2-2013
20112055@unknown@formal@none@1@S@If he does not, he will help realize Madison's fear in The Federalist No. 48 of a legislature "everywhere extending the sphere of its activity and drawing all powers into its impetuous vortex."@@@@1@33@@oe@2-2-2013
20112056@unknown@formal@none@1@S@Mr. Sidak served as an attorney in the Reagan administration.@@@@1@10@@oe@2-2-2013
20112057@unknown@formal@none@1@S@His longer analysis of executive power and the appropriations clause is to appear in the Duke Law Journal later this year.@@@@1@21@@oe@2-2-2013
20113001@unknown@formal@none@1@S@Despite one of the most devastating droughts on record, net cash income in the Farm Belt rose to a new high of $59.9 billion last year.@@@@1@26@@oe@2-2-2013
20113002@unknown@formal@none@1@S@The previous record was $57.7 billion in 1987, according to the Agriculture Department.@@@@1@13@@oe@2-2-2013
20113003@unknown@formal@none@1@S@Net cash income -- the amount left in farmers' pockets after deducting expenses from gross cash income -- increased in 33 states in 1988, as the drought cut into crop yields and drove up commodity prices, the department's Economic Research Service reported yesterday.@@@@1@43@@oe@2-2-2013
20113004@unknown@formal@none@1@S@Most of those states set farm income records.@@@@1@8@@oe@2-2-2013
20113005@unknown@formal@none@1@S@The worst crop damage occurred in the Midwestern Corn Belt and the northern Great Plains.@@@@1@15@@oe@2-2-2013
20113006@unknown@formal@none@1@S@What saved many farmers from a bad year was the opportunity to reclaim large quantities of grain and other crops that they had "mortgaged" to the government under price-support loan programs.@@@@1@31@@oe@2-2-2013
20113007@unknown@formal@none@1@S@With prices soaring, they were able to sell the reclaimed commodities at "considerable profit," the agency's 240-page report said.@@@@1@19@@oe@2-2-2013
20113008@unknown@formal@none@1@S@In less parched areas, meanwhile, farmers who had little or no loss of production profited greatly from the higher prices.@@@@1@20@@oe@2-2-2013
20113009@unknown@formal@none@1@S@To the surprise of some analysts, net cash income rose in some of the hardest-hit states, including Indiana, Illinois, Nebraska and the Dakotas.@@@@1@23@@oe@2-2-2013
20113010@unknown@formal@none@1@S@Analysts attributed the increases partly to the $4 billion disaster-assistance package enacted by Congress.@@@@1@14@@oe@2-2-2013
20113011@unknown@formal@none@1@S@Last year's record net cash income confirms the farm sector's rebound from the agricultural depression of the early 1980s.@@@@1@19@@oe@2-2-2013
20113012@unknown@formal@none@1@S@It also helps explain the reluctance of the major farm lobbies and many lawmakers to make any significant changes in the 1985 farm program next year.@@@@1@26@@oe@2-2-2013
20113013@unknown@formal@none@1@S@Commodity prices have been rising in recent years, with the farm price index hitting record peaks earlier this year, as the government curtailed production with land-idling programs to reduce price-depressing surpluses.@@@@1@31@@oe@2-2-2013
20113014@unknown@formal@none@1@S@At the same time, export demand for U.S. wheat, corn and other commodities strengthened, said Keith Collins, a department analyst.@@@@1@20@@oe@2-2-2013
20113015@unknown@formal@none@1@S@Farmers also benefited from strong livestock prices, as the nation's cattle inventory dropped close to a 30-year low.@@@@1@18@@oe@2-2-2013
20113016@unknown@formal@none@1@S@"All of these forces came together in 1988 to benefit agriculture," Mr. Collins said.@@@@1@14@@oe@2-2-2013
20113017@unknown@formal@none@1@S@California led the nation with $6.5 billion in net cash income last year, followed by Texas, $3.9 billion; Iowa, $3.4 billion; Florida, $3.1 billion; and Minnesota, $2.7 billion.@@@@1@28@@oe@2-2-2013
20113018@unknown@formal@none@1@S@Iowa and Minnesota were among the few major farm states to log a decline in net cash income.@@@@1@18@@oe@2-2-2013
20113019@unknown@formal@none@1@S@Despite federal disaster relief, the drought of 1988 was a severe financial setback for an estimated 10,000 to 15,000 farmers, according to the department.@@@@1@24@@oe@2-2-2013
20113020@unknown@formal@none@1@S@Many lost their farms.@@@@1@4@@oe@2-2-2013
20113021@unknown@formal@none@1@S@Department economists don't expect 1989 to be as good a year as 1988 was.@@@@1@14@@oe@2-2-2013
20113022@unknown@formal@none@1@S@Indeed, net cash income is likely to fall this year as farm expenses rise and government payments to farmers decline.@@@@1@20@@oe@2-2-2013
20113023@unknown@formal@none@1@S@At the same time, an increase of land under cultivation after the drought has boosted production of corn, soybeans and other commodities, causing a fall in prices that has been only partly cushioned by heavy grain buying by the Soviets.@@@@1@40@@oe@2-2-2013
20113024@unknown@formal@none@1@S@Last year, government payments to farmers slipped to less than $14.5 billion from a record $16.7 billion in 1987.@@@@1@19@@oe@2-2-2013
20113025@unknown@formal@none@1@S@Payments are expected to range between $9 billion and $12 billion this year.@@@@1@13@@oe@2-2-2013
20114001@unknown@formal@none@1@S@After years of struggling, the Los Angeles Herald Examiner will publish its last edition today, shut down by its parent, Hearst Corp., following unsuccessful efforts to sell the venerable newspaper.@@@@1@30@@oe@2-2-2013
20114002@unknown@formal@none@1@S@The demise of the 238,000-circulation Herald, once the nation's largest afternoon newspaper with circulation exceeding 700,000, turns the country's second-largest city into a one-newspaper town, at least in some senses.@@@@1@30@@oe@2-2-2013
20114003@unknown@formal@none@1@S@The Los Angeles Times, with a circulation of more than 1.1 million, dominates the region.@@@@1@15@@oe@2-2-2013
20114004@unknown@formal@none@1@S@But it faces stiff competition in Orange County from the Orange County Register, which sells more than 300,000 copies a day, and in the San Fernando Valley from the Los Angeles Daily News, which sells more than 170,000.@@@@1@38@@oe@2-2-2013
20114005@unknown@formal@none@1@S@Nearby cities such as Pasadena and Long Beach also have large dailies.@@@@1@12@@oe@2-2-2013
20114006@unknown@formal@none@1@S@In July, closely held Hearst, based in New York, put the paper on the block.@@@@1@15@@oe@2-2-2013
20114007@unknown@formal@none@1@S@Speculation had it that the company was asking $100 million for an operation said to be losing about $20 million a year, but others said Hearst might have virtually given the paper away.@@@@1@33@@oe@2-2-2013
20114008@unknown@formal@none@1@S@An attempted buy-out led by John J. McCabe, chief operating officer, never materialized, and a stream of what one staff member dismissed as "tire-kickers and lookee-loos" had filed through since.@@@@1@30@@oe@2-2-2013
20114009@unknown@formal@none@1@S@The prospective buyers included investor Marvin Davis and the Toronto Sun.@@@@1@11@@oe@2-2-2013
20114010@unknown@formal@none@1@S@The death of the Herald, a newsstand paper in a freeway town, was perhaps inevitable.@@@@1@15@@oe@2-2-2013
20114011@unknown@formal@none@1@S@Los Angeles is a sprawling, balkanized newspaper market, and advertisers seemed to feel they could buy space in the mammoth Times, then target a particular area with one of the regional dailies.@@@@1@32@@oe@2-2-2013
20114012@unknown@formal@none@1@S@The Herald was left in limbo.@@@@1@6@@oe@2-2-2013
20114013@unknown@formal@none@1@S@Further, the Herald seemed torn editorially between keeping its old-time Hearst readership -- blue-collar and sports-oriented -- and trying to provide a sprightly, upscale alternative to the sometimes staid Times.@@@@1@30@@oe@2-2-2013
20114014@unknown@formal@none@1@S@Hearst had flirted with a conversion to tabloid format for years but never executed the plan.@@@@1@16@@oe@2-2-2013
20114015@unknown@formal@none@1@S@The Herald joins the Baltimore News-American, which folded, and the Boston Herald-American, which was sold, as cornerstones of the old Hearst newspaper empire abandoned by the company in the 1980s.@@@@1@30@@oe@2-2-2013
20114016@unknown@formal@none@1@S@Many felt Hearst kept the paper alive as long as it did, if marginally, because of its place in family history.@@@@1@21@@oe@2-2-2013
20114017@unknown@formal@none@1@S@Its fanciful offices were designed by architect Julia Morgan, who built the Hearst castle at San Simeon.@@@@1@17@@oe@2-2-2013
20114018@unknown@formal@none@1@S@William Randolph Hearst had kept an apartment in the Spanish Renaissance-style building.@@@@1@12@@oe@2-2-2013
20114019@unknown@formal@none@1@S@Analysts said the Herald's demise doesn't necessarily represent the overall condition of the newspaper industry.@@@@1@15@@oe@2-2-2013
20114020@unknown@formal@none@1@S@"The Herald was a survivor from a bygone age," said J. Kendrick Noble, a media analyst with PaineWebber Inc.@@@@1@19@@oe@2-2-2013
20114021@unknown@formal@none@1@S@"Actually, the long deterioration in daily newspapers shows signs of coming to an end, and the industry looks pretty healthy."@@@@1@20@@oe@2-2-2013
20114022@unknown@formal@none@1@S@Founded as the Examiner in 1903 by Mr. Hearst, the Herald was crippled by a bitter, decade-long strike that began in 1967 and cut circulation in half.@@@@1@27@@oe@2-2-2013
20114023@unknown@formal@none@1@S@Financially, it never recovered; editorially, it had its moments.@@@@1@9@@oe@2-2-2013
20114024@unknown@formal@none@1@S@In 1979, Hearst hired editor James Bellows, who brightened the editorial product considerably.@@@@1@13@@oe@2-2-2013
20114025@unknown@formal@none@1@S@He and his successor, Mary Anne Dolan, restored respect for the editorial product, and though in recent years the paper had been limping along on limited resources, its accomplishments were notable.@@@@1@31@@oe@2-2-2013
20114026@unknown@formal@none@1@S@For example, the Herald consistently beat its much-larger rival on disclosures about Los Angeles Mayor Tom Bradley's financial dealings.@@@@1@19@@oe@2-2-2013
20114027@unknown@formal@none@1@S@The Herald's sports coverage and arts criticism were also highly regarded.@@@@1@11@@oe@2-2-2013
20114028@unknown@formal@none@1@S@Robert J. Danzig, vice president and general manager of Hearst Newspapers, stood up in the paper's newsroom yesterday and announced that no buyers had stepped forward and that the paper would fold, putting more than 730 full-time employees out of work.@@@@1@41@@oe@2-2-2013
20114029@unknown@formal@none@1@S@Hearst said it would provide employees with a placement service and pay them for 60 days.@@@@1@16@@oe@2-2-2013
20114030@unknown@formal@none@1@S@Some long-tenured employees will receive additional benefits, the company said.@@@@1@10@@oe@2-2-2013
20114031@unknown@formal@none@1@S@Hours after the announcement, representatives of the Orange County Register were in a bar across the street recruiting.@@@@1@18@@oe@2-2-2013
20114032@unknown@formal@none@1@S@The reaction in the newsroom was emotional.@@@@1@7@@oe@2-2-2013
20114033@unknown@formal@none@1@S@"I've never seen so many people crying in one place at one time," said Bill Johnson, an assistant city editor.@@@@1@20@@oe@2-2-2013
20114034@unknown@formal@none@1@S@"So Long, L.A." was chosen as the paper's final headline.@@@@1@10@@oe@2-2-2013
20114035@unknown@formal@none@1@S@"I'm doing the main story, and I'm already two beers drunk," said reporter Andy Furillo, whom the Times hired away several years ago but who returned to the Herald out of preference.@@@@1@32@@oe@2-2-2013
20114036@unknown@formal@none@1@S@His wife also works for the paper, as did his father.@@@@1@11@@oe@2-2-2013
20114037@unknown@formal@none@1@S@Outside, a young pressman filling a news box with an extra edition headlined "Herald Examiner Closes" refused to take a reader's quarter.@@@@1@22@@oe@2-2-2013
20114038@unknown@formal@none@1@S@"Forget it," he said as he handed her a paper.@@@@1@10@@oe@2-2-2013
20114039@unknown@formal@none@1@S@"It doesn't make any difference now.@@@@1@6@@oe@2-2-2013
20115001@unknown@formal@none@1@S@Olympia Broadcasting Corp. said it didn't make a $1.64 million semiannual interest payment due yesterday on $23.4 million of senior subordinated debentures.@@@@1@22@@oe@2-2-2013
20115002@unknown@formal@none@1@S@The radio-station owner and programmer said it was trying to obtain additional working capital from its senior secured lenders and other financial institutions.@@@@1@23@@oe@2-2-2013
20115003@unknown@formal@none@1@S@It said it needs to make the payment by Dec. 1 to avoid a default that could lead to an acceleration of the debt.@@@@1@24@@oe@2-2-2013
20115004@unknown@formal@none@1@S@In September, the company said it was seeking offers for its five radio stations in order to concentrate on its programming business.@@@@1@22@@oe@2-2-2013
20116001@unknown@formal@none@1@S@If you'd really rather have a Buick, don't leave home without the American Express card.@@@@1@15@@oe@2-2-2013
20116002@unknown@formal@none@1@S@Or so the slogan might go.@@@@1@6@@oe@2-2-2013
20116003@unknown@formal@none@1@S@American Express Co. and General Motors Corp.'s beleaguered Buick division are joining forces in a promotion aimed at boosting Buick's sales while encouraging broader use of the American Express card.@@@@1@30@@oe@2-2-2013
20116004@unknown@formal@none@1@S@The companies are giving four-day vacations for two to Buick buyers who charge all or part of their down payments on the American Express green card.@@@@1@26@@oe@2-2-2013
20116005@unknown@formal@none@1@S@They have begun sending letters explaining the program, which began Oct. 18 and will end Dec. 18, to about five million card holders.@@@@1@23@@oe@2-2-2013
20116006@unknown@formal@none@1@S@Neither company would disclose the program's cost.@@@@1@7@@oe@2-2-2013
20116007@unknown@formal@none@1@S@Buick approached American Express about a joint promotion because its card holders generally have a "good credit history" and are "good at making payments," says a spokeswoman for the division.@@@@1@30@@oe@2-2-2013
20116008@unknown@formal@none@1@S@American Express also represents the upscale image "we're trying to project," she adds.@@@@1@13@@oe@2-2-2013
20116009@unknown@formal@none@1@S@Buick has been seeking for the past few years to restore its reputation as "the doctor's car" -- a product for upscale professionals.@@@@1@23@@oe@2-2-2013
20116010@unknown@formal@none@1@S@Sales were roughly flat in the 1989 model year compared with a year earlier, though industry sales fell.@@@@1@18@@oe@2-2-2013
20116011@unknown@formal@none@1@S@But since the 1990 model year began Oct. 1, Buick sales have plunged 33%.@@@@1@14@@oe@2-2-2013
20116012@unknown@formal@none@1@S@For American Express, the promotion is part of an effort to broaden the use of its card for retail sales, where the company expects to get much of the future growth in its card business.@@@@1@35@@oe@2-2-2013
20116013@unknown@formal@none@1@S@Traditionally, the card has been used mainly for travel and entertainment expenses.@@@@1@12@@oe@2-2-2013
20116014@unknown@formal@none@1@S@Phillip Riese, an American Express executive vice president, says the promotion with Buick is his company's first with an auto maker, but "hopefully {will be} the first of many" in the company's effort to promote its green card as "the total car-care card."@@@@1@43@@oe@2-2-2013
20116015@unknown@formal@none@1@S@To that end, American Express has been signing up gasoline companies, car repair shops, tire companies and car dealers to accept the card.@@@@1@23@@oe@2-2-2013
20116016@unknown@formal@none@1@S@Many auto dealers now let car buyers charge part or all of their purchase on the American Express card, but few card holders realize this, Mr. Riese says.@@@@1@28@@oe@2-2-2013
20116017@unknown@formal@none@1@S@Until now, however, buyers who wanted to finance part of a car purchase through General Motors Acceptance Corp. couldn't put their down payment on a charge card because of possible conflicts with truth-in-lending and state disclosure laws over finance rates, says a spokesman for the GM finance arm.@@@@1@48@@oe@2-2-2013
20116018@unknown@formal@none@1@S@But GMAC approved the Buick program, he says, because the American Express green card requires payment in full upon billing, and so doesn't carry any finance rates.@@@@1@27@@oe@2-2-2013
20116019@unknown@formal@none@1@S@Mr. Riese says American Express considers GM and Buick "very sophisticated direct-mail marketers," so "by joining forces with them we have managed to maximize our direct-mail capability."@@@@1@27@@oe@2-2-2013
20116020@unknown@formal@none@1@S@In addition, Buick is a relatively respected nameplate among American Express card holders, says an American Express spokeswoman.@@@@1@18@@oe@2-2-2013
20116021@unknown@formal@none@1@S@When the company asked members in a mailing which cars they would like to get information about for possible future purchases, Buick came in fourth among U.S. cars and in the top 10 of all cars, the spokeswoman says.@@@@1@39@@oe@2-2-2013
20116022@unknown@formal@none@1@S@American Express has more than 24 million card holders in the U.S., and over half have the green card.@@@@1@19@@oe@2-2-2013
20116023@unknown@formal@none@1@S@GMAC screened the card-member list for holders more than 30 years old with household incomes over $45,000 who hadn't "missed any payments," the Buick spokeswoman says.@@@@1@26@@oe@2-2-2013
20116024@unknown@formal@none@1@S@Some 3.8 million of the five million who will get letters were preapproved for credit with GMAC.@@@@1@17@@oe@2-2-2013
20116025@unknown@formal@none@1@S@These 3.8 million people also are eligible to get one percentage point off GMAC's advertised finance rates, which start at 6.9% for two-year loan contracts.@@@@1@25@@oe@2-2-2013
20116026@unknown@formal@none@1@S@A spokesman for Visa International's U.S. subsidiary says his company is using promotions to increase use of its cards, but doesn't have plans for a tie-in similar to the American Express-Buick link.@@@@1@32@@oe@2-2-2013
20116027@unknown@formal@none@1@S@Three divisions at American Express are working with Buick on the promotion: the establishment services division, which is responsible for all merchants and companies that accept the card; the travel division; and the merchandise sales division.@@@@1@36@@oe@2-2-2013
20116028@unknown@formal@none@1@S@The vacation packages include hotel accommodations and, in some cases, tours or tickets to local attractions, but not meals.@@@@1@19@@oe@2-2-2013
20116029@unknown@formal@none@1@S@Destinations are Chicago; Honolulu; Las Vegas, Nev.; Los Angeles; Miami Beach, Fla.; New Orleans; New York; Orlando, Fla.; San Francisco; and Washington, D.C.@@@@1@23@@oe@2-2-2013
20116030@unknown@formal@none@1@S@A buyer who chooses to fly to his destination must pay for his own ticket but gets a companion's ticket free if they fly on United Airlines.@@@@1@27@@oe@2-2-2013
20116031@unknown@formal@none@1@S@In lieu of the vacation, buyers can choose among several prizes, including a grandfather clock or a stereo videocassette recorder.@@@@1@20@@oe@2-2-2013
20116032@unknown@formal@none@1@S@Card holders who receive the letter also are eligible for a sweepstakes with Buick cars or a Hawaii vacation as prizes.@@@@1@21@@oe@2-2-2013
20116033@unknown@formal@none@1@S@If they test-drive a Buick, they get an American Express calculator.@@@@1@11@@oe@2-2-2013
20116034@unknown@formal@none@1@S@This isn't Buick's first travel-related promotion.@@@@1@6@@oe@2-2-2013
20116035@unknown@formal@none@1@S@A few years ago, the company offered two round-trip tickets on Trans World Airlines to buyers of its Riviera luxury car.@@@@1@21@@oe@2-2-2013
20116036@unknown@formal@none@1@S@The promotion helped Riviera sales exceed the division's forecast by more than 10%, Buick said at the time.@@@@1@18@@oe@2-2-2013
20117001@unknown@formal@none@1@S@The United Kingdom High Court declared illegal a variety of interest-rate swap transactions and options deals between a London borough council and commercial banks.@@@@1@24@@oe@2-2-2013
20117002@unknown@formal@none@1@S@The ruling could lead to the cancellation of huge bank debts the London Borough of Hammersmith and Fulham ran up after losing heavily on swap transactions.@@@@1@26@@oe@2-2-2013
20117003@unknown@formal@none@1@S@As many as 70 U.K. and international banks stand to lose several hundred million pounds should the decision be upheld and set a precedent for other municipalities.@@@@1@27@@oe@2-2-2013
20117004@unknown@formal@none@1@S@An appeal is expected.@@@@1@4@@oe@2-2-2013
20117005@unknown@formal@none@1@S@In response to the ruling, gilt futures swiftly plunged more than a point yesterday before recovering much of the loss by the end of the session.@@@@1@26@@oe@2-2-2013
20117006@unknown@formal@none@1@S@Gilts, or British government bonds, which also fell sharply initially, retraced some of the losses to end about 3/8 point lower.@@@@1@21@@oe@2-2-2013
20117007@unknown@formal@none@1@S@The council, which is alleged to have engaged in over 600 deals valued at over #6 billion ($9.5 billion), lost millions of pounds from soured swap deals.@@@@1@27@@oe@2-2-2013
20117008@unknown@formal@none@1@S@At one point, Hammersmith is reported to have accounted for as much as 10% of the sterling market in interest-rate swap dealings.@@@@1@22@@oe@2-2-2013
20117009@unknown@formal@none@1@S@When two parties engage in an interest-rate swap, they are betting against each other on future rates.@@@@1@17@@oe@2-2-2013
20117010@unknown@formal@none@1@S@Thus, an institution obligated to make fixed-rate interest payments on debt swaps the payments with another making floating-rate payments.@@@@1@19@@oe@2-2-2013
20117011@unknown@formal@none@1@S@In most of the British transactions, the municipalities agreed to make floating-rate payments to banks, which would make fixed-rate payments.@@@@1@20@@oe@2-2-2013
20117012@unknown@formal@none@1@S@As interest rates rose, municipalities owed the banks more than the banks were paying them.@@@@1@15@@oe@2-2-2013
20117013@unknown@formal@none@1@S@The court hearing began in early October at the request of Anthony Hazell, district auditor for Hammersmith, who argued that local councils aren't vested with constitutional authority to engage in such capital-markets activities.@@@@1@33@@oe@2-2-2013
20117014@unknown@formal@none@1@S@The council backed the audit commission's stand that the swap transactions are illegal.@@@@1@13@@oe@2-2-2013
20117015@unknown@formal@none@1@S@Although the Hammersmith and Fulham council was by far the most active local authority engaging in such capital-markets transactions, the court decision could set a precedent for similar transactions by 77 other local councils.@@@@1@34@@oe@2-2-2013
20117016@unknown@formal@none@1@S@"While this court ruling was only on Hammersmith, it will obviously be very persuasive in other cases of a similar nature," a solicitor representing one of the banks said.@@@@1@29@@oe@2-2-2013
20117017@unknown@formal@none@1@S@Already, 10 local councils have refused to honor fees and payments to banks incurred during various swaps dealings.@@@@1@18@@oe@2-2-2013
20117018@unknown@formal@none@1@S@Other financial institutions involved include Barclays Bank PLC, Midland Bank PLC, Security Pacific Corp., Chemical Banking Corp.'s Chemical Bank, Citicorp's Citibank and Mitsubishi Finance International.@@@@1@25@@oe@2-2-2013
20117019@unknown@formal@none@1@S@If the banks exhaust all avenues of appeal, it is possible that they would seek to have the illegality ruling work both ways, some market sources said.@@@@1@27@@oe@2-2-2013
20117020@unknown@formal@none@1@S@Banks could seek to recover payments to local authorities in instances where the banks made net payments to councils.@@@@1@19@@oe@2-2-2013
20117021@unknown@formal@none@1@S@Officials from the various banks involved are expected to meet during the next few days to consider other arrangements with local authorities that could be questionable.@@@@1@26@@oe@2-2-2013
20117022@unknown@formal@none@1@S@The banks have 28 days to file an appeal against the ruling and are expected to do so shortly.@@@@1@19@@oe@2-2-2013
20118001@unknown@formal@none@1@S@In the aftermath of the stock market's gut-wrenching 190-point drop on Oct. 13, Kidder, Peabody & Co.'s 1,400 stockbrokers across the country began a telephone and letter-writing campaign aimed at quashing the country's second-largest program trader.@@@@1@36@@oe@2-2-2013
20118002@unknown@formal@none@1@S@The target of their wrath?@@@@1@5@@oe@2-2-2013
20118003@unknown@formal@none@1@S@Their own employer, Kidder Peabody.@@@@1@5@@oe@2-2-2013
20118004@unknown@formal@none@1@S@Since October's minicrash, Wall Street has been shaken by an explosion of resentment against program trading, the computer-driven, lightning-fast trades of huge baskets of stocks and futures that can send stock prices reeling in minutes.@@@@1@35@@oe@2-2-2013
20118005@unknown@formal@none@1@S@But the heated fight over program trading is about much more than a volatile stock market.@@@@1@16@@oe@2-2-2013
20118006@unknown@formal@none@1@S@The real battle is over who will control that market and reap its huge rewards.@@@@1@15@@oe@2-2-2013
20118007@unknown@formal@none@1@S@Program trading itself, according to many academics who have studied it, is merely caught in the middle of this battle, unfairly labeled as the evil driving force of the marketplace.@@@@1@30@@oe@2-2-2013
20118008@unknown@formal@none@1@S@The evidence indicates that program trading didn't, in fact, cause the market's sharp fall on Oct. 13, though it may have exacerbated it.@@@@1@23@@oe@2-2-2013
20118009@unknown@formal@none@1@S@On one side of this power struggle stand the forces in ascendency on Wall Street -- the New Guard -- consisting of high-tech computer wizards at the major brokerage firms, their pension fund clients with immense pools of money, and the traders at the fast-growing Chicago futures exchanges.@@@@1@48@@oe@2-2-2013
20118010@unknown@formal@none@1@S@These are the main proponents of program trading.@@@@1@8@@oe@2-2-2013
20118011@unknown@formal@none@1@S@Defending their ramparts are Wall Street's Old Guard -- the traditional, stock-picking money managers, tens of thousands of stock brokers, the New York Stock Exchange's listed companies and the clannish floor traders, known as specialists, who make markets in their stocks.@@@@1@41@@oe@2-2-2013
20118012@unknown@formal@none@1@S@So far, Wall Street's Old Guard seems to be winning the program-trading battle, successfully mobilizing public and congressional opinion to bludgeon their tormentors.@@@@1@23@@oe@2-2-2013
20118013@unknown@formal@none@1@S@The Chicago Mercantile Exchange, a major futures marketplace, yesterday announced the addition of another layer of trading halts designed to slow program traders during a rapidly falling stock market, and the Big Board is expected today to approve some additional restrictions on program trading.@@@@1@44@@oe@2-2-2013
20118014@unknown@formal@none@1@S@Stung by charges that their greed is turning the stock market into a gigantic crapshoot, almost all the big investment banking houses have abandoned index arbitrage, a common form of program trading, for their own accounts in the past few days.@@@@1@41@@oe@2-2-2013
20118015@unknown@formal@none@1@S@A few, such as giant Merrill Lynch & Co., now refuse even to do index arbitrage trades for clients.@@@@1@19@@oe@2-2-2013
20118016@unknown@formal@none@1@S@The Old Guard's assault on program trading and its practitioners has been fierce and broad-based, in part because some Old Guard members feel their very livelihood is at stake.@@@@1@29@@oe@2-2-2013
20118017@unknown@formal@none@1@S@Some, such as traditional money manager Neuberger & Berman, have taken out national newspaper advertisements demanding that market regulators "stop the numbers racket on Wall Street."@@@@1@26@@oe@2-2-2013
20118018@unknown@formal@none@1@S@Big Board stock specialists, in a bold palace revolt, began shortly after Oct. 13 to telephone the corporate executives of the companies whose stock is listed on the Big Board to have them pressure the exchange to ban program trading.@@@@1@40@@oe@2-2-2013
20118019@unknown@formal@none@1@S@Charles Wohlstetter, the chairman of Contel Corp. who is rallying other CEOs to the anti-program trading cause, says he has received "countless" letters offering support.@@@@1@25@@oe@2-2-2013
20118020@unknown@formal@none@1@S@"They said universally, without a single exception: Don't even compromise.@@@@1@10@@oe@2-2-2013
20118021@unknown@formal@none@1@S@Kill it," he says.@@@@1@4@@oe@2-2-2013
20118022@unknown@formal@none@1@S@Wall Street's New Guard isn't likely to take all this lying down for long, however.@@@@1@15@@oe@2-2-2013
20118023@unknown@formal@none@1@S@Its new products and trading techniques have been highly profitable.@@@@1@10@@oe@2-2-2013
20118024@unknown@formal@none@1@S@Program trading money managers have gained control over a big chunk of the invested funds in this country, and the pressures on such money managers to produce consistent profits has wedded them to the ability to move rapidly in and out the market that program trading gives them.@@@@1@48@@oe@2-2-2013
20118025@unknown@formal@none@1@S@What's more, the last time major Wall Street firms said they were getting out of program trading -- in the aftermath of the 1987 crash -- they waited a few months and then sneaked back into it.@@@@1@37@@oe@2-2-2013
20118026@unknown@formal@none@1@S@Even some members of the Old Guard, despite their current advantage, seem to be conceding that the future belongs with the New Guard.@@@@1@23@@oe@2-2-2013
20118027@unknown@formal@none@1@S@Last week, Robert M. Bradley, one of the Big Board's most respected floor traders and head of a major traders' organization, surrendered.@@@@1@22@@oe@2-2-2013
20118028@unknown@formal@none@1@S@He sold his exchange seat and wrote a bitter letter to Big Board Chairman John J. Phelan Jr. in which he said the Big Board is too focused on machines, rather than people.@@@@1@33@@oe@2-2-2013
20118029@unknown@formal@none@1@S@He said the exchange is "headed for a real crisis" if program trading isn't curbed.@@@@1@15@@oe@2-2-2013
20118030@unknown@formal@none@1@S@"I do not want my money invested in what I consider as nothing more than a casino," Mr. Bradley wrote.@@@@1@20@@oe@2-2-2013
20118031@unknown@formal@none@1@S@The battle has turned into a civil war at some firms and organizations, causing internal contradictions and pitting employee against employee.@@@@1@21@@oe@2-2-2013
20118032@unknown@formal@none@1@S@At Kidder, a unit of General Electric Co., and other big brokerage firms, stockbrokers battle their own firm's program traders a few floors away.@@@@1@24@@oe@2-2-2013
20118033@unknown@formal@none@1@S@Corporations like Contel denounce program trading, yet Contel has in the past hired pension fund managers like Bankers Trust Co. that are also big program traders.@@@@1@26@@oe@2-2-2013
20118034@unknown@formal@none@1@S@The Big Board -- the nation's premier stock exchange -- is sharply divided between its floor traders and its top executives.@@@@1@21@@oe@2-2-2013
20118035@unknown@formal@none@1@S@Its entrenched 49 stock specialists firms are fighting tooth and nail against programs.@@@@1@13@@oe@2-2-2013
20118036@unknown@formal@none@1@S@But the Big Board's leadership -- over the specialists' protests -- two weeks ago began trading a new stock "basket" product designed to facilitate program trading.@@@@1@26@@oe@2-2-2013
20118037@unknown@formal@none@1@S@"A lot of people would like to go back to 1970," before program trading, Mr. Phelan said this week.@@@@1@19@@oe@2-2-2013
20118038@unknown@formal@none@1@S@"I would like to go back to 1970.@@@@1@8@@oe@2-2-2013
20118039@unknown@formal@none@1@S@But we are not going back to 1970."@@@@1@8@@oe@2-2-2013
20118040@unknown@formal@none@1@S@Again and again, program-trading's critics raise the "casino" theme.@@@@1@9@@oe@2-2-2013
20118041@unknown@formal@none@1@S@They say greedy market manipulators have made a shambles of the nation's free-enterprise system, turning the stock market into a big gambling den, with the odds heavily stacked against the small investor.@@@@1@32@@oe@2-2-2013
20118042@unknown@formal@none@1@S@"The public didn't come to the market to play a game; they can go to Off-Track Betting for that," says A. Brean Murray, chairman of Brean Murray, Foster Securities, a traditional money management firm.@@@@1@34@@oe@2-2-2013
20118043@unknown@formal@none@1@S@The program traders, on the other hand, portray old-fashioned stock pickers as the Neanderthals of the industry.@@@@1@17@@oe@2-2-2013
20118044@unknown@formal@none@1@S@Critics like Mr. Murray "are looking for witches, and people who use computers to trade are a convenient boogieman," says J. Thomas Allen, president of Advanced Investment Management Inc., a Pittsburgh firm that runs a $200 million fund that uses index arbitrage.@@@@1@42@@oe@2-2-2013
20118045@unknown@formal@none@1@S@"Just a blind fear of the unknown is causing them to beg the regulators for protection."@@@@1@16@@oe@2-2-2013
20118046@unknown@formal@none@1@S@For all the furor, there is nothing particularly complex about the concept of stock-index arbitrage, the most controversial type of computer-assisted program trading.@@@@1@23@@oe@2-2-2013
20118047@unknown@formal@none@1@S@Like other forms of arbitrage, it merely seeks to take advantage of momentary discrepancies in the price of a single product -- in this case, a basket of stocks -- in different markets -- in this case the New York Stock Exchange and the Chicago futures markets.@@@@1@47@@oe@2-2-2013
20118048@unknown@formal@none@1@S@That divergence is what stock index traders seek.@@@@1@8@@oe@2-2-2013
20118049@unknown@formal@none@1@S@When it occurs, the traders place orders via computers to buy the basket of stocks (such as the 500 stocks that constitute the Standard & Poor's 500 stock index) in whichever market is cheaper and sell them in the more expensive market; they lock in the difference in price as profit.@@@@1@51@@oe@2-2-2013
20118050@unknown@formal@none@1@S@Such program trades, which can involve the purchase or sale of millions of dollars of stock, occur in a matter of seconds.@@@@1@22@@oe@2-2-2013
20118051@unknown@formal@none@1@S@A program trade of $5 million of stock typically earns a razor-thin profit of $25,000.@@@@1@15@@oe@2-2-2013
20118052@unknown@formal@none@1@S@To keep program-trading units profitable in the eyes of senior brokerage executives, traders must seize every opportunity their computers find.@@@@1@20@@oe@2-2-2013
20118053@unknown@formal@none@1@S@The speed with which such program trades take place and the volatile price movements they can cause are what program trading critics profess to despise.@@@@1@25@@oe@2-2-2013
20118054@unknown@formal@none@1@S@"If you continue to do this, the investor becomes frightened -- any investor: the odd lotter, mutual funds and pension funds," says Larry Zicklin, managing partner at Neuberger & Berman.@@@@1@30@@oe@2-2-2013
20118055@unknown@formal@none@1@S@But many experts and traders say that program trading isn't the main reason for stock-market gyrations.@@@@1@16@@oe@2-2-2013
20118056@unknown@formal@none@1@S@"I have not seen one iota of evidence" to support restrictions on program trading, says a Vanderbilt University finance professor, Hans Stoll, an authority on the subject.@@@@1@27@@oe@2-2-2013
20118057@unknown@formal@none@1@S@Says the Big Board's Mr. Phelan, "Volatility is greater than program trading."@@@@1@12@@oe@2-2-2013
20118058@unknown@formal@none@1@S@The Oct. 13 plunge was triggered not by program traders, but by news of the unraveling of the $6.79 billion buy-out of UAL Corp.@@@@1@24@@oe@2-2-2013
20118059@unknown@formal@none@1@S@Unable to unload UAL and other airline shares, takeover-stock speculators, or risk arbitragers, dumped every blue-chip stock they had.@@@@1@19@@oe@2-2-2013
20118060@unknown@formal@none@1@S@While program trades swiftly kicked in, a "circuit breaker" that halted trading in stock futures in Chicago made some program trading impossible.@@@@1@22@@oe@2-2-2013
20118061@unknown@formal@none@1@S@Susan Del Signore, head trader at Travelers Investment Management Co., says critics are ignoring "the role the {takeover stock} speculator is taking in the market as a source of volatility."@@@@1@30@@oe@2-2-2013
20118062@unknown@formal@none@1@S@Many arbs are "overleveraged," she says, and they "have to sell when things look like they fall apart."@@@@1@18@@oe@2-2-2013
20118063@unknown@formal@none@1@S@Like virtually everything on Wall Street, the program-trading battle is over money, and the traditionalists have been losing out on bundles of it to the New Guard in recent years.@@@@1@30@@oe@2-2-2013
20118064@unknown@formal@none@1@S@Take the traditional money managers, or "stock pickers," as they are derisively known among the computer jockeys.@@@@1@17@@oe@2-2-2013
20118065@unknown@formal@none@1@S@Traditional stock managers like to charge 50 cents to 75 cents for every $100 they manage for big institutional investors, and higher fees for smaller investors.@@@@1@26@@oe@2-2-2013
20118066@unknown@formal@none@1@S@Yet many such managers consistently fail to even keep up with, much less beat, the returns of standard benchmarks like the S&P@@@@1@22@@oe@2-2-2013
20118067@unknown@formal@none@1@S@Not surprisingly, old-style money managers have been losing clients to giant stock-index funds that use computers to juggle portfolios so they mirror the S&P 500.@@@@1@25@@oe@2-2-2013
20118068@unknown@formal@none@1@S@The indexers charge only a few pennies per $100 managed.@@@@1@10@@oe@2-2-2013
20118069@unknown@formal@none@1@S@Today, about $200 billion, or 20% of all pension-fund stock investments, is held by index funds.@@@@1@16@@oe@2-2-2013
20118070@unknown@formal@none@1@S@The new Wall Street of computers and automated trading threatens to make dinosaurs of the 49 Big Board stock-specialist firms.@@@@1@20@@oe@2-2-2013
20118071@unknown@formal@none@1@S@These small but influential floor brokers long have earned fat returns of 30% to 40% a year on their capital, by virtue of their monopoly in making markets in individual stocks.@@@@1@31@@oe@2-2-2013
20118072@unknown@formal@none@1@S@The specialists see any step to electronic trading as a death knell.@@@@1@12@@oe@2-2-2013
20118073@unknown@formal@none@1@S@And they believe the Big Board, under Mr. Phelan, has abandoned their interest.@@@@1@13@@oe@2-2-2013
20118074@unknown@formal@none@1@S@The son of a specialist and once one himself, Mr. Phelan has nonetheless been striving -- with products like the new stock basket that his former colleagues dislike so much -- to keep index funds and other program traders from taking their business to overseas markets.@@@@1@46@@oe@2-2-2013
20118075@unknown@formal@none@1@S@Meanwhile, specialists' trading risks have skyrocketed as a result of stock-market volatility.@@@@1@12@@oe@2-2-2013
20118076@unknown@formal@none@1@S@"When the sell programs hit, you can hear the order printers start to go" on the Big Board trading floor, says one specialist there.@@@@1@24@@oe@2-2-2013
20118077@unknown@formal@none@1@S@"The buyers walk away, and the specialist is left alone" as the buyer of last resort for his stable of stocks, he contends.@@@@1@23@@oe@2-2-2013
20118078@unknown@formal@none@1@S@No one is more unhappy with program trading than the nation's stockbrokers.@@@@1@12@@oe@2-2-2013
20118079@unknown@formal@none@1@S@They are still trying to lure back small investors spooked by the 1987 stock-market crash and the market's swings since then.@@@@1@21@@oe@2-2-2013
20118080@unknown@formal@none@1@S@"Small investors are absolutely dismayed that Wall Street is stacking the deck against them, and these wide swings are scaring them to death," says Raymond A. Mason, chairman of regional broker Legg Mason Inc. in Baltimore.@@@@1@36@@oe@2-2-2013
20118081@unknown@formal@none@1@S@Stockbrokers' business and pay has been falling.@@@@1@7@@oe@2-2-2013
20118082@unknown@formal@none@1@S@Last year, the average broker earned $71,309, 24% lower than in 1987.@@@@1@12@@oe@2-2-2013
20118083@unknown@formal@none@1@S@Corporate executives resent that their company's stock has been transformed into a nameless piece of a stock-index basket.@@@@1@18@@oe@2-2-2013
20118084@unknown@formal@none@1@S@Index traders who buy all 500 stocks in the S&P 500 often don't even know what the companies they own actually do, complains Andrew Sigler, chairman of Champion International Corp.@@@@1@30@@oe@2-2-2013
20118085@unknown@formal@none@1@S@"Do you make sweatshirts or sparkplugs?@@@@1@6@@oe@2-2-2013
20118086@unknown@formal@none@1@S@Oh, you're in the paper business," is one reaction Mr. Sigler says he's gotten from his big institutional shareholders.@@@@1@19@@oe@2-2-2013
20118087@unknown@formal@none@1@S@By this September, program traders were doing a record 13.8% of the Big Board's average daily trading volume.@@@@1@18@@oe@2-2-2013
20118088@unknown@formal@none@1@S@Among the top practitioners were Wall Street blue bloods: Morgan Stanley & Co., Kidder Peabody, Merrill Lynch, Salomon Brothers Inc. and PaineWebber Group Inc.@@@@1@24@@oe@2-2-2013
20118089@unknown@formal@none@1@S@But then came Oct. 13 and the negative publicity orchestrated by the Old Guard, particularly against index arbitrage.@@@@1@18@@oe@2-2-2013
20118090@unknown@formal@none@1@S@The indexers' strategy for the moment is to hunker down and let the furor die.@@@@1@15@@oe@2-2-2013
20118091@unknown@formal@none@1@S@"There's a lynch-mob psychology right now," says the top program-trading official at a Wall Street firm.@@@@1@16@@oe@2-2-2013
20118092@unknown@formal@none@1@S@"Wall Street's cash cow has been gored, but I don't think anyone has proven that index arbitrage is the problem."@@@@1@20@@oe@2-2-2013
20118093@unknown@formal@none@1@S@Too much money is at stake for program traders to give up.@@@@1@12@@oe@2-2-2013
20118094@unknown@formal@none@1@S@For example, stock-index futures began trading in Chicago in 1982, and within two years they were the fastest-growing futures contract ever launched.@@@@1@22@@oe@2-2-2013
20118095@unknown@formal@none@1@S@Stock futures trading has minted dozens of millionaires in their 20s and 30s.@@@@1@13@@oe@2-2-2013
20118096@unknown@formal@none@1@S@Now, on a good day, Chicago's stock-index traders trade more dollars worth of stock futures than the Big Board trades in stock.@@@@1@22@@oe@2-2-2013
20118097@unknown@formal@none@1@S@Now the stage is set for the battle to play out.@@@@1@11@@oe@2-2-2013
20118098@unknown@formal@none@1@S@The anti-programmers are getting some helpful thunder from Congress.@@@@1@9@@oe@2-2-2013
20118099@unknown@formal@none@1@S@Program traders' "power to create total panic is so great that they can't be allowed to have their way," says Rep. Edward Markey, a Massachusetts Democrat.@@@@1@26@@oe@2-2-2013
20118100@unknown@formal@none@1@S@"We have to have a system that says to those largest investors:@@@@1@12@@oe@2-2-2013
20118101@unknown@formal@none@1@S@`Sit down!@@@@1@2@@oe@2-2-2013
20118102@unknown@formal@none@1@S@You will not panic,@@@@1@4@@oe@2-2-2013
20118103@unknown@formal@none@1@S@you will not put the financial system in jeopardy.'"@@@@1@9@@oe@2-2-2013
20118104@unknown@formal@none@1@S@But the prospects for legislation that targets program trading is unlikely anytime soon.@@@@1@13@@oe@2-2-2013
20118105@unknown@formal@none@1@S@Many people, including the Big Board, think that it's too late to put the genie back in the bottle.@@@@1@19@@oe@2-2-2013
20118106@unknown@formal@none@1@S@The Big Board's directors meet today to approve some program-trading restrictions, but a total ban isn't being considered, Big Board officials say.@@@@1@22@@oe@2-2-2013
20118107@unknown@formal@none@1@S@"You're not going to stop the idea of trading a basket of stocks," says Vanderbilt's Prof. Stoll. "@@@@1@18@@oe@2-2-2013
20118108@unknown@formal@none@1@S@Program trading is here to stay, and computers are here to stay, and we just need to understand it."@@@@1@19@@oe@2-2-2013
20118109@unknown@formal@none@1@S@Short of a total ban, some anti-programmers have proposed several middle-ground reforms, which they say would take away certain advantages program traders currently enjoy in the marketplace that other investors don't.@@@@1@31@@oe@2-2-2013
20118110@unknown@formal@none@1@S@One such proposal regarding stock-index futures is an increase in the margin requirement -- or the "good-faith" payment of cash needed to trade them -- to about the same level as the margin requirement for stocks.@@@@1@36@@oe@2-2-2013
20118111@unknown@formal@none@1@S@Currently, margins on stock futures purchases are much lower -- roughly 7% compared with 50% for stocks -- making the futures market much faster and potentially more speculative.@@@@1@28@@oe@2-2-2013
20118112@unknown@formal@none@1@S@Program trading critics also want the Federal Reserve Board, rather than the futures industry, to set such margins.@@@@1@18@@oe@2-2-2013
20118113@unknown@formal@none@1@S@Futures traders respond that low margins help keep their markets active.@@@@1@11@@oe@2-2-2013
20118114@unknown@formal@none@1@S@Higher margins would chase away dozens of smaller traders who help larger traders buy and sell, they say.@@@@1@18@@oe@2-2-2013
20118115@unknown@formal@none@1@S@Another proposed reform is to have program traders answer to an "uptick rule"a reform instituted after the Great Crash of 1929 that protects against stocks being relentlessly beaten downward by those seeking to profit from lower prices, namely short sellers.@@@@1@40@@oe@2-2-2013
20118116@unknown@formal@none@1@S@The Big Board's uptick rule prevents the short sale of a stock when the stock is falling in price.@@@@1@19@@oe@2-2-2013
20118117@unknown@formal@none@1@S@But in 1986, program traders received what amounted to an exemption from the uptick rule in certain situations, to make it easier to link the stock and futures markets.@@@@1@29@@oe@2-2-2013
20118118@unknown@formal@none@1@S@A reinstatement of the uptick rule for program traders would slow their activity considerably.@@@@1@14@@oe@2-2-2013
20118119@unknown@formal@none@1@S@Program traders argue that a reinstatement of the rule would destroy the "pricing efficiency" of the futures and stock markets.@@@@1@20@@oe@2-2-2013
20118120@unknown@formal@none@1@S@James A. White contributed to this article.@@@@1@7@@oe@2-2-2013
20118121@unknown@formal@none@1@S@Fundamentalists Jihad@@@@1@2@@oe@2-2-2013
20118122@unknown@formal@none@1@S@Big Board Chairman John Phelan said yesterday that he could support letting federal regulators suspend program trading during wild stock-price swings.@@@@1@21@@oe@2-2-2013
20118123@unknown@formal@none@1@S@Thus the band-wagon psychology of recent days picks up new impetus.@@@@1@11@@oe@2-2-2013
20118124@unknown@formal@none@1@S@Index arbitrage is a common form of program trading.@@@@1@9@@oe@2-2-2013
20118125@unknown@formal@none@1@S@As usually practiced it takes advantage of a rather basic concept: Two separate markets in different locations, trading basically the same widgets, can't trade them for long at prices that are widely different.@@@@1@33@@oe@2-2-2013
20118126@unknown@formal@none@1@S@In index arbitrage, the widget is the S&P 500, and its price is constantly compared between the futures market in Chicago and the stock markets largely in New York.@@@@1@29@@oe@2-2-2013
20118127@unknown@formal@none@1@S@To profit from an index-arbitrage opportunity, someone who owns the S&P 500 widget in New York must sell it and replace it with a cheaper S&P 500 widget in Chicago.@@@@1@30@@oe@2-2-2013
20118128@unknown@formal@none@1@S@If the money manager performing this service is being paid by his clients to match or beat the return of the S&P 500 index, he is likely to remain fully invested at all times.@@@@1@34@@oe@2-2-2013
20118129@unknown@formal@none@1@S@(Few, if any, index-fund managers will risk leveraging performance by owning more than 100% exposure to stocks, and equally few will want to own less than a 100% position should stocks rise.)@@@@1@32@@oe@2-2-2013
20118130@unknown@formal@none@1@S@By constantly seeking to own the cheapest widget, index-arbitrage traders hope to add between 1% and 3% to the annual return of the S&P 500.@@@@1@25@@oe@2-2-2013
20118131@unknown@formal@none@1@S@That represents a very thin "excess" return, certainly far less than what most fundamental stock pickers claim to seek as their performance objective.@@@@1@23@@oe@2-2-2013
20118132@unknown@formal@none@1@S@The fact that a vast majority of fundamentalist money managers fail to beat the S&P 500 may contribute to the hysteria surrounding the issue.@@@@1@24@@oe@2-2-2013
20118133@unknown@formal@none@1@S@As more managers pursue the index-arbitrage strategy, these small opportunities between markets will be reduced and, eventually, eliminated.@@@@1@18@@oe@2-2-2013
20118134@unknown@formal@none@1@S@The current opportunities arise because the process for executing a buy or sell order in the actual stocks that make up the S&P 500 is more cumbersome than transacting in the futures market.@@@@1@33@@oe@2-2-2013
20118135@unknown@formal@none@1@S@The New York Stock Exchange's attempt to introduce a new portfolio basket is evidence of investors' desires to make fast and easy transactions of large numbers of shares.@@@@1@28@@oe@2-2-2013
20118136@unknown@formal@none@1@S@So if index arbitrage is simply taking advantage of thin inefficiencies between two markets for the same widget, how did "program trading" evolve into the evil creature that is evoking the curses of so many observers?@@@@1@36@@oe@2-2-2013
20118137@unknown@formal@none@1@S@All arguments against program trading, even those pressed without fact, conclude with three expected results after "reforms" are implemented: 1) reduced volatility, 2) a long-term investment focus, and 3) a level playing field for the small investor.@@@@1@37@@oe@2-2-2013
20118138@unknown@formal@none@1@S@But many of these reforms are unneeded, even harmful.@@@@1@9@@oe@2-2-2013
20118139@unknown@formal@none@1@S@Reducing volatility.@@@@1@2@@oe@2-2-2013
20118140@unknown@formal@none@1@S@An index-arbitrage trade is never executed unless there is sufficient difference between the markets in New York and Chicago to cover all transaction costs.@@@@1@24@@oe@2-2-2013
20118141@unknown@formal@none@1@S@Arbitrage doesn't cause volatility; it responds to it.@@@@1@8@@oe@2-2-2013
20118142@unknown@formal@none@1@S@Think about what causes the difference in prices between the two markets for S&P 500 stocks -- usually it is large investors initiating a buy or sell in Chicago.@@@@1@29@@oe@2-2-2013
20118143@unknown@formal@none@1@S@A large investor will likely cause the futures market to decline when he sells his futures.@@@@1@16@@oe@2-2-2013
20118144@unknown@formal@none@1@S@Arbitrage simply transfers his selling pressure from Chicago to New York, while functioning as a buyer in Chicago.@@@@1@18@@oe@2-2-2013
20118145@unknown@formal@none@1@S@The start of the whole process is the key-someone must fundamentally increase or decrease his ownership in widgets to make widget prices move.@@@@1@23@@oe@2-2-2013
20118146@unknown@formal@none@1@S@Why does this large hypothetical seller trade in Chicago instead of New York?@@@@1@13@@oe@2-2-2013
20118147@unknown@formal@none@1@S@Perhaps he is willing to sacrifice to the arbitrage trader some small profit in order to get quick and certain execution of his large trade.@@@@1@25@@oe@2-2-2013
20118148@unknown@formal@none@1@S@In a competitive market, this investor has many ways to execute his transactions, and he will have more alternatives (both foreign and domestic) if his volume is profitable for an exchange to handle.@@@@1@33@@oe@2-2-2013
20118149@unknown@formal@none@1@S@If not Chicago, then in New York; if not the U.S., then overseas.@@@@1@13@@oe@2-2-2013
20118150@unknown@formal@none@1@S@Volatility surrounding his trades occurs not because of index arbitrage, but because his is a large addition or subtraction to a widget market with finite liquidity.@@@@1@26@@oe@2-2-2013
20118151@unknown@formal@none@1@S@Eliminate arbitrage and liquidity will decline instead of rising, creating more volatility instead of less.@@@@1@15@@oe@2-2-2013
20118152@unknown@formal@none@1@S@The speed of his transaction isn't to be feared either, because faster and cleaner execution is desirable, not loathsome.@@@@1@19@@oe@2-2-2013
20118153@unknown@formal@none@1@S@If slowing things down could reduce volatility, stone tablets should become the trade ticket of the future.@@@@1@17@@oe@2-2-2013
20118154@unknown@formal@none@1@S@Encouraging long-term investing.@@@@1@3@@oe@2-2-2013
20118155@unknown@formal@none@1@S@We must be very cautious about labeling investors as "long-term" or "short-term."@@@@1@12@@oe@2-2-2013
20118156@unknown@formal@none@1@S@Policies designed to encourage one type of investor over another are akin to placing a sign over the Big Board's door saying: "Buyers welcome, sellers please go away!"@@@@1@28@@oe@2-2-2013
20118157@unknown@formal@none@1@S@The ultimate goal of any investor is a profit motive, and regulators should not concern themselves with whether investors are sufficiently focused on the long term.@@@@1@26@@oe@2-2-2013
20118158@unknown@formal@none@1@S@A free market with a profit motive will attract each investor to the liquidity and risks he can tolerate.@@@@1@19@@oe@2-2-2013
20118159@unknown@formal@none@1@S@In point of fact, volatility as measured by the annualized standard deviation of daily stock price movements has frequently been much higher than it is today.@@@@1@26@@oe@2-2-2013
20118160@unknown@formal@none@1@S@Periods before the advent of futures or program trading were often more volatile, usually when fundamental market conditions were undergoing change (1973-75, 1937-40, and 1928-33 for example).@@@@1@27@@oe@2-2-2013
20118161@unknown@formal@none@1@S@It is interesting to see the fundamental stock pickers scream "foul" on program trading when the markets decline, while hailing the great values still abounding as the markets rise.@@@@1@29@@oe@2-2-2013
20118162@unknown@formal@none@1@S@Could rising volatility possibly be related to uncertainty about the economics of stocks, instead of the evil deeds of program-trading goblins?@@@@1@21@@oe@2-2-2013
20118163@unknown@formal@none@1@S@Some of the proposed fixes for what is labeled "program-trading volatility" could be far worse than the perceived problem.@@@@1@19@@oe@2-2-2013
20118164@unknown@formal@none@1@S@In using program trading as a whipping boy, fundamentalist investors stand to gain the high ground in wooing small investors for their existing stock-selection products.@@@@1@25@@oe@2-2-2013
20118165@unknown@formal@none@1@S@They may, however, risk bringing some damaging interference from outside the markets themselves.@@@@1@13@@oe@2-2-2013
20118166@unknown@formal@none@1@S@How does a nice new tax, say 5%, on any financial transaction sound?@@@@1@13@@oe@2-2-2013
20118167@unknown@formal@none@1@S@That ought to make sure we're all thinking for the long term.@@@@1@12@@oe@2-2-2013
20118168@unknown@formal@none@1@S@Getting a level playing field.@@@@1@5@@oe@2-2-2013
20118169@unknown@formal@none@1@S@This argument is perhaps the most interesting one for abolishing program trading -- not because of its merits, but because of the firms championing the cause.@@@@1@26@@oe@2-2-2013
20118170@unknown@formal@none@1@S@The loudest of these reformers are money managers who cater to smaller investors.@@@@1@13@@oe@2-2-2013
20118171@unknown@formal@none@1@S@They continually advise their clients on which individual stocks to buy or sell, while their clients continue to hope for superior performance.@@@@1@22@@oe@2-2-2013
20118172@unknown@formal@none@1@S@Even with mutual funds, the little investor continues to tolerate high fees, high commissions and poor performance, while index-fund managers slowly amass a better record with lower fees, lower commissions and less risk.@@@@1@33@@oe@2-2-2013
20118173@unknown@formal@none@1@S@Yet our efforts are somehow less noble than those of an investment expert studiously devouring press clippings on each company he follows.@@@@1@22@@oe@2-2-2013
20118174@unknown@formal@none@1@S@Almost all new regulation is introduced in the interests of protecting the little guy, and he invariably is the one least able to cope with its consequences.@@@@1@27@@oe@2-2-2013
20118175@unknown@formal@none@1@S@If spreads available from index arbitrage are so enormous, surely any sizable mutual-fund company could profit from offering it to small investors.@@@@1@22@@oe@2-2-2013
20118176@unknown@formal@none@1@S@The sad reality is that the retail investor continues to pursue stellar performers first, while leaving institutions to grapple with basis points of performance on large sums of money quarter by quarter.@@@@1@32@@oe@2-2-2013
20118177@unknown@formal@none@1@S@Cost-effective index funds just aren't sexy enough to justify the high fees and commissions that retail customers frequently pay, and that institutional customers refuse to pay.@@@@1@26@@oe@2-2-2013
20118178@unknown@formal@none@1@S@Each new trading roadblock is likely to be beaten by institutions seeking better ways to serve their high-volume clients, here or overseas.@@@@1@22@@oe@2-2-2013
20118179@unknown@formal@none@1@S@Legislating new trading inefficiencies will only make things harder on the least sophisticated investors.@@@@1@14@@oe@2-2-2013
20118180@unknown@formal@none@1@S@So what is next for program trading?@@@@1@7@@oe@2-2-2013
20118181@unknown@formal@none@1@S@Left to its own devices, index arbitrage will become more and more efficient, making it harder and harder to do profitably.@@@@1@21@@oe@2-2-2013
20118182@unknown@formal@none@1@S@Spreads will become so tight that it won't matter which market an investor chooses -- arbitrage will prevent him from gaining any temporary profit.@@@@1@24@@oe@2-2-2013
20118183@unknown@formal@none@1@S@If government or private watchdogs insist, however, on introducing greater friction between the markets (limits on price moves, two-tiered execution, higher margin requirements, taxation, etc.), the end loser will be the markets themselves.@@@@1@33@@oe@2-2-2013
20118184@unknown@formal@none@1@S@Instead, we ought to be inviting more liquidity with cheaper ways to trade and transfer capital among all participants.@@@@1@19@@oe@2-2-2013
20118185@unknown@formal@none@1@S@Mr. Allen's Pittsburgh firm, Advanced Investment Management Inc., executes program trades for institutions.@@@@1@13@@oe@2-2-2013
20119001@unknown@formal@none@1@S@Some Democrats in Congress are warning that a complicated new funding device for the two federal antitrust agencies could result in further cutbacks in a regulatory area already reduced sharply in recent years.@@@@1@33@@oe@2-2-2013
20119002@unknown@formal@none@1@S@The funding mechanism, which has received congressional approval and is expected to be signed by President Bush, would affect the antitrust operations of the Justice Department and the Federal Trade Commission.@@@@1@31@@oe@2-2-2013
20119003@unknown@formal@none@1@S@As a part of overall efforts to reduce spending, Congress cut by $30 million the Bush administration's request for antitrust enforcement for fiscal 1990, which began Oct. 1.@@@@1@28@@oe@2-2-2013
20119004@unknown@formal@none@1@S@To offset the reduction, Congress approved a $20,000 fee that investors and companies will have to pay each time they make required filings to antitrust regulators about mergers, acquisitions and certain other transactions.@@@@1@33@@oe@2-2-2013
20119005@unknown@formal@none@1@S@Some Democrats, led by Rep. Jack Brooks (D., Texas), unsuccessfully opposed the measure because they fear that the fees may not fully make up for the budget cuts.@@@@1@28@@oe@2-2-2013
20119006@unknown@formal@none@1@S@But Justice Department and FTC officials said they expect the filing fees to make up for the budget reductions and possibly exceed them.@@@@1@23@@oe@2-2-2013
20119007@unknown@formal@none@1@S@"It could operate to augment our budget," James Rill, the Justice Department's antitrust chief, said in an interview.@@@@1@18@@oe@2-2-2013
20119008@unknown@formal@none@1@S@Under measures approved by both houses of Congress, the administration's request for $47 million for the Antitrust Division would be cut $15 million.@@@@1@23@@oe@2-2-2013
20119009@unknown@formal@none@1@S@The FTC budget request of $70 million, about $34 million of which would go for antitrust enforcement, would also be cut by $15 million.@@@@1@24@@oe@2-2-2013
20119010@unknown@formal@none@1@S@The administration had requested roughly the same amount for antitrust enforcement for fiscal 1990 as was appropriated in fiscal 1989.@@@@1@20@@oe@2-2-2013
20119011@unknown@formal@none@1@S@The offsetting fees would apply to filings made under the Hart-Scott-Rodino Act.@@@@1@12@@oe@2-2-2013
20119012@unknown@formal@none@1@S@Under that law, parties proposing mergers or acquisitions valued at $15 million or more must notify FTC and Justice Department antitrust regulators before completing the transactions.@@@@1@26@@oe@2-2-2013
20119013@unknown@formal@none@1@S@Currently, the government charges nothing for such filings.@@@@1@8@@oe@2-2-2013
20119014@unknown@formal@none@1@S@Proponents of the funding arrangement predict that, based on recent filing levels of more than 2,000 a year, the fees will yield at least $40 million this fiscal year, or $10 million more than the budget cuts.@@@@1@37@@oe@2-2-2013
20119015@unknown@formal@none@1@S@"When you do that, there is not a cut, but there is in fact a program increase of $5 million" each for the FTC and the Justice Department, Rep. Neal Smith (D., Iowa) said during House debate.@@@@1@37@@oe@2-2-2013
20119016@unknown@formal@none@1@S@But Rep. Don Edwards (D., Calif.) responded that a recession could stifle merger activity, reducing the amount of fees collected.@@@@1@20@@oe@2-2-2013
20119017@unknown@formal@none@1@S@The antitrust staffs of both the FTC and Justice Department were cut more than 40% in the Reagan administration, and enforcement of major merger cases fell off drastically during that period.@@@@1@31@@oe@2-2-2013
20119018@unknown@formal@none@1@S@"Today is not the time to signal that Congress in any way sanctions the dismal state into which antitrust enforcement has fallen," Mr. Edwards argued.@@@@1@25@@oe@2-2-2013
20119019@unknown@formal@none@1@S@Any money in excess of $40 million collected from the fees in fiscal 1990 would go to the Treasury at large.@@@@1@21@@oe@2-2-2013
20119020@unknown@formal@none@1@S@Corporate lawyers said the new fees wouldn't inhibit many mergers or other transactions.@@@@1@13@@oe@2-2-2013
20119021@unknown@formal@none@1@S@Though some lawyers reported that prospective acquirers were scrambling to make filings before the fees take effect, government officials said they hadn't noticed any surge in filings.@@@@1@27@@oe@2-2-2013
20120001@unknown@formal@none@1@S@FALL BALLOT ISSUES set a record for off-year elections.@@@@1@9@@oe@2-2-2013
20120002@unknown@formal@none@1@S@Odd-year elections attract relatively few ballot issues.@@@@1@7@@oe@2-2-2013
20120003@unknown@formal@none@1@S@But the 1989 fall total of 80, while well below 1988 activity, shows "a steady ratcheting up in citizen referenda and initiatives," says Patrick McGuigan, editor of Family, Law and Democracy Report.@@@@1@32@@oe@2-2-2013
20120004@unknown@formal@none@1@S@He says the 10 citizen-sparked issues on state ballots this fall represent the most in any odd-year this decade.@@@@1@19@@oe@2-2-2013
20120005@unknown@formal@none@1@S@Ballot questions range from a Maine initiative on banning Cruise missiles to a referendum on increasing the North Dakota income tax.@@@@1@21@@oe@2-2-2013
20120006@unknown@formal@none@1@S@Ballot watchers say attention already is focused on the 1990 elections.@@@@1@11@@oe@2-2-2013
20120007@unknown@formal@none@1@S@In California, two petition drives for next year's election are "essentially finished," says David Schmidt, author of "Citizen Lawmakers."@@@@1@19@@oe@2-2-2013
20120008@unknown@formal@none@1@S@Mr. McGuigan cites three completed efforts in Oklahoma.@@@@1@8@@oe@2-2-2013
20120009@unknown@formal@none@1@S@Hot ballot topics are expected to be abortion, the environment and insurance reform.@@@@1@13@@oe@2-2-2013
20120010@unknown@formal@none@1@S@Taking a cue from California, more politicians will launch their campaigns by backing initiatives, says David Magleby of Brigham Young University.@@@@1@21@@oe@2-2-2013
20120011@unknown@formal@none@1@S@PHOTOGRAPH COLLECTING gains new stature as prices rise.@@@@1@8@@oe@2-2-2013
20120012@unknown@formal@none@1@S@Price records are being set at auctions this week.@@@@1@9@@oe@2-2-2013
20120013@unknown@formal@none@1@S@At Christie's, a folio of 21 prints from Alfred Stieglitz's "Equivalents" series sold for $396,000, a single-lot record.@@@@1@18@@oe@2-2-2013
20120014@unknown@formal@none@1@S@Other works also have been exceeding price estimates.@@@@1@8@@oe@2-2-2013
20120015@unknown@formal@none@1@S@In part, prices reflect development of a market structure based on such variables as the number of prints.@@@@1@18@@oe@2-2-2013
20120016@unknown@formal@none@1@S@This information used to be poorly documented and largely anecdotal, says Beth Gates-Warren of Sotheby's.@@@@1@15@@oe@2-2-2013
20120017@unknown@formal@none@1@S@"There is finally some sort of sense in the market," she says.@@@@1@12@@oe@2-2-2013
20120018@unknown@formal@none@1@S@Corporations and museums are among the serious buyers, giving greater market stability, says Robert Persky of the Photograph Collector.@@@@1@19@@oe@2-2-2013
20120019@unknown@formal@none@1@S@"When I see prints going into the hands of institutions, I know they aren't going to come back on the market."@@@@1@21@@oe@2-2-2013
20120020@unknown@formal@none@1@S@Most in demand: classic photographs by masters such as Stieglitz and Man Ray.@@@@1@13@@oe@2-2-2013
20120021@unknown@formal@none@1@S@But much contemporary work is also fetching "a great deal of money," says Miles Barth of the International Center of Photography.@@@@1@21@@oe@2-2-2013
20120022@unknown@formal@none@1@S@DIALING 900 brings callers a growing number of services.@@@@1@9@@oe@2-2-2013
20120023@unknown@formal@none@1@S@Currently a $300 million-a-year business, 900 telephone service is expected to hit $500 million next year and near $2 billion by 1992 as uses for the service continue to expand, says Joel Gross of Donaldson, Lufkin & Jenrette Inc.@@@@1@39@@oe@2-2-2013
20120024@unknown@formal@none@1@S@The service -- which costs the caller from 30 cents to $25 a minute -- currently is dominated by celebrity chatter, horoscopes and romance lines.@@@@1@25@@oe@2-2-2013
20120025@unknown@formal@none@1@S@But more serious applications are in the wings, and that is where the future growth is expected.@@@@1@17@@oe@2-2-2013
20120026@unknown@formal@none@1@S@"I'm starting to see more business transactions," says Andrea West of American Telephone & Telegraph Co., noting growing interest in use of 900 service for stock sales, software tutorials and even service contracts.@@@@1@33@@oe@2-2-2013
20120027@unknown@formal@none@1@S@Colleges, she says, are eyeing registration through 900 service.@@@@1@9@@oe@2-2-2013
20120028@unknown@formal@none@1@S@Charities test the waters, but they face legal barriers to electronic fund raising.@@@@1@13@@oe@2-2-2013
20120029@unknown@formal@none@1@S@"The thing that will really break this market right open is merchandising," Ms. West says.@@@@1@15@@oe@2-2-2013
20120030@unknown@formal@none@1@S@Much of the 800 service will "migrate to 900," predicts Jack Lawless, general manager of US Sprint's 900 product.@@@@1@19@@oe@2-2-2013
20120031@unknown@formal@none@1@S@FAMILY PETS are improving recovery rates of patients at Columbia Hospital, Milwaukee.@@@@1@12@@oe@2-2-2013
20120032@unknown@formal@none@1@S@Patients who receive canine or feline visitors are found to have lower blood pressure and improved appetite and be more receptive to therapy, says Mary Ann O'Loughlin, program coordinator.@@@@1@29@@oe@2-2-2013
20120033@unknown@formal@none@1@S@TIRED OF TRIMMING?@@@@1@3@@oe@2-2-2013
20120034@unknown@formal@none@1@S@Hammacher Schlemmer & Co. offers a fiber-optic Christmas tree that eliminates the need to string lights.@@@@1@16@@oe@2-2-2013
20120035@unknown@formal@none@1@S@The $6,500 tree is designed to send continuously changing colored light to dozens of fiber-end bunches.@@@@1@16@@oe@2-2-2013
20120036@unknown@formal@none@1@S@MEDICINE TRANSPLANT: Growth of Japanese trade and travel prompts Beth Israel Medical Center, New York, to set up a bilingual medical practice.@@@@1@22@@oe@2-2-2013
20120037@unknown@formal@none@1@S@Funded by a $1 million gift from Tokio Marine & Fire Insurance, the service will follow Japanese medical protocols, including emphasis on preventative medicine.@@@@1@24@@oe@2-2-2013
20120038@unknown@formal@none@1@S@DIAPER SERVICES make a comeback amid growing environmental concerns.@@@@1@9@@oe@2-2-2013
20120039@unknown@formal@none@1@S@Concerned about shrinking landfills and the safety of chemicals used in super-absorbent disposables, parents are returning to the cloth diaper.@@@@1@20@@oe@2-2-2013
20120040@unknown@formal@none@1@S@Tiny Tots Inc., Campbell, Calif., says business is up 35% in the past year.@@@@1@14@@oe@2-2-2013
20120041@unknown@formal@none@1@S@"We're gaining 1,200 new customers each week," says Jack Mogavero of General Health Care Corp., Piscataway, N.J.@@@@1@17@@oe@2-2-2013
20120042@unknown@formal@none@1@S@In Syracuse, N.Y., DyDee Service's new marketing push stresses environmental awareness.@@@@1@11@@oe@2-2-2013
20120043@unknown@formal@none@1@S@Among its new customers: day-care centers that previously spurned the service.@@@@1@11@@oe@2-2-2013
20120044@unknown@formal@none@1@S@The National Association of Diaper Services, Philadelphia, says that since January it has gotten more than 672 inquiries from people interested in starting diaper services.@@@@1@25@@oe@2-2-2013
20120045@unknown@formal@none@1@S@Elisa Hollis launched a diaper service last year because State College, Pa., where she lives, didn't have one.@@@@1@18@@oe@2-2-2013
20120046@unknown@formal@none@1@S@Diaper shortages this summer limited growth at Stork Diaper Services, Springfield, Mass., where business is up 25% in@@@@1@18@@oe@2-2-2013
20120047@unknown@formal@none@1@S@Also spurring the move to cloth: diaper covers with Velcro fasteners that eliminate the need for safety pins.@@@@1@18@@oe@2-2-2013
20120048@unknown@formal@none@1@S@BRIEFS:@@@@1@1@@oe@2-2-2013
20120049@unknown@formal@none@1@S@Only 57.6% of New Yorkers watch the local news, the lowest viewership in the country, says a new study by Impact Resources Inc., Columbus, Ohio. . . .@@@@1@28@@oe@2-2-2013
20120050@unknown@formal@none@1@S@FreudToy, a pillow bearing the likeness of Sigmund Freud, is marketed as a $24.95 tool for do-it-yourself analysis.@@@@1@18@@oe@2-2-2013
20121001@unknown@formal@none@1@S@Program trading is "a racket," complains Edward Egnuss, a White Plains, N.Y., investor and electronics sales executive, "and it's not to the benefit of the small investor, that's for sure."@@@@1@30@@oe@2-2-2013
20121002@unknown@formal@none@1@S@But although he thinks that it is hurting him, he doubts it could be stopped.@@@@1@15@@oe@2-2-2013
20121003@unknown@formal@none@1@S@Mr. Egnuss's dislike of program trading is echoed by many small investors interviewed by Wall Street Journal reporters across the country.@@@@1@21@@oe@2-2-2013
20121004@unknown@formal@none@1@S@But like Mr. Egnuss, few expect it to be halted entirely, and a surprising number doubt it should be.@@@@1@19@@oe@2-2-2013
20121005@unknown@formal@none@1@S@"I think program trading is basically unfair to the individual investor," says Leo Fields, a Dallas investor.@@@@1@17@@oe@2-2-2013
20121006@unknown@formal@none@1@S@He notes that program traders have a commission cost advantage because of the quantity of their trades, that they have a smaller margin requirement than individual investors do and that they often can figure out earlier where the market is heading.@@@@1@41@@oe@2-2-2013
20121007@unknown@formal@none@1@S@But he blames program trading for only some of the market's volatility.@@@@1@12@@oe@2-2-2013
20121008@unknown@formal@none@1@S@He also considers the market overvalued and cites the troubles in junk bonds.@@@@1@13@@oe@2-2-2013
20121009@unknown@formal@none@1@S@He adds: "The market may be giving us another message, that a recession is looming."@@@@1@15@@oe@2-2-2013
20121010@unknown@formal@none@1@S@Or, as Dorothy Arighi, an interior decorator in Arnold, Calif., puts it: "All kinds of funny things spook the market these days."@@@@1@22@@oe@2-2-2013
20121011@unknown@formal@none@1@S@But she believes that "program trading creates deviant swings.@@@@1@9@@oe@2-2-2013
20121012@unknown@formal@none@1@S@It's not a sound thing; there's no inherent virtue in it."@@@@1@11@@oe@2-2-2013
20121013@unknown@formal@none@1@S@She adds that legislation curbing it would be "a darned good idea."@@@@1@12@@oe@2-2-2013
20121014@unknown@formal@none@1@S@At the Charles Schwab & Co. office in Atlanta's Buckhead district, a group of investors voices skepticism that federal officials would curb program trading.@@@@1@24@@oe@2-2-2013
20121015@unknown@formal@none@1@S@Citing the October 1987 crash, Glenn Miller says, "It's like the last crash -- they threatened, but no one did anything."@@@@1@21@@oe@2-2-2013
20121016@unknown@formal@none@1@S@A. Donald Anderson, a 59-year-old Los Angeles investor who says the stock market's "fluctuations and gyrations give me the heebie-jeebies," doesn't see much point in outlawing program trading.@@@@1@28@@oe@2-2-2013
20121017@unknown@formal@none@1@S@Those who still want to do it "will just find some way to get around" any attempt to curb it.@@@@1@20@@oe@2-2-2013
20121018@unknown@formal@none@1@S@Similarly, Rick Wamre, a 31-year-old asset manager for a Dallas real-estate firm, would like to see program trading disappear because "I can't see that it does anything for the market or the country."@@@@1@33@@oe@2-2-2013
20121019@unknown@formal@none@1@S@Yet he isn't in favor of new legislation.@@@@1@8@@oe@2-2-2013
20121020@unknown@formal@none@1@S@"I think we've got enough securities laws," he says.@@@@1@9@@oe@2-2-2013
20121021@unknown@formal@none@1@S@"I'd much rather see them dealing with interest rates and the deficit."@@@@1@12@@oe@2-2-2013
20121022@unknown@formal@none@1@S@Peter Anthony, who runs an employment agency in New York, decries program trading as "limiting the game to a few," but he also isn't sure it should be more strictly regulated.@@@@1@31@@oe@2-2-2013
20121023@unknown@formal@none@1@S@"I don't want to denounce it because denouncing it would be like denouncing capitalism," he explains.@@@@1@16@@oe@2-2-2013
20121024@unknown@formal@none@1@S@And surprising numbers of small investors seem to be adapting to greater stock market volatility and say they can live with program trading.@@@@1@23@@oe@2-2-2013
20121025@unknown@formal@none@1@S@Glenn Britta, a 25-year-old New York financial analyst who plays options for his personal account, says he is "factoring" the market's volatility "into investment decisions."@@@@1@25@@oe@2-2-2013
20121026@unknown@formal@none@1@S@He adds that program trading "increases liquidity in the market.@@@@1@10@@oe@2-2-2013
20121027@unknown@formal@none@1@S@You can't hold back technology."@@@@1@5@@oe@2-2-2013
20121028@unknown@formal@none@1@S@And the practice shouldn't be stopped, he says, because "even big players aren't immune to the rigors of program trading."@@@@1@20@@oe@2-2-2013
20121029@unknown@formal@none@1@S@Also in New York, Israel Silverman, an insurance-company lawyer, comments that program trading "increases volatility, but I don't think it should be banned.@@@@1@23@@oe@2-2-2013
20121030@unknown@formal@none@1@S@There's no culprit here.@@@@1@4@@oe@2-2-2013
20121031@unknown@formal@none@1@S@The market is just becoming more efficient."@@@@1@7@@oe@2-2-2013
20121032@unknown@formal@none@1@S@Arbitraging on differences between spot and futures prices is an important part of many financial markets, he says.@@@@1@18@@oe@2-2-2013
20121033@unknown@formal@none@1@S@He adds that his shares in a company savings plan are invested in a mutual fund, and volatility, on a given day, may hurt the fund.@@@@1@26@@oe@2-2-2013
20121034@unknown@formal@none@1@S@But "I'm a long-term investor," he says.@@@@1@7@@oe@2-2-2013
20121035@unknown@formal@none@1@S@"If you were a short-term investor, you might be more leery about program trading."@@@@1@14@@oe@2-2-2013
20121036@unknown@formal@none@1@S@Jim Enzor of Atlanta defends program trading because he believes that it can bring the market back up after a plunge.@@@@1@21@@oe@2-2-2013
20121037@unknown@formal@none@1@S@"If we have a real bad day, the program would say, `Buy,'" he explains.@@@@1@14@@oe@2-2-2013
20121038@unknown@formal@none@1@S@"If you could get the rhythm of the program trading, you could take advantage of it."@@@@1@16@@oe@2-2-2013
20121039@unknown@formal@none@1@S@What else can a small investor do?@@@@1@7@@oe@2-2-2013
20121040@unknown@formal@none@1@S@Scott Taccetta, a Chicago accountant, is going into money-market funds.@@@@1@10@@oe@2-2-2013
20121041@unknown@formal@none@1@S@Mr. Taccetta says he had just recouped the $5,000 he lost in the 1987 crash when he lost more money last Oct. 13.@@@@1@23@@oe@2-2-2013
20121042@unknown@formal@none@1@S@Now, he plans to sell all his stocks by the first quarter of 1990.@@@@1@14@@oe@2-2-2013
20121043@unknown@formal@none@1@S@In October, before the market dropped, Mrs. Arighi of Arnold, Calif., moved to sell the "speculative stocks" in her family trust "so we will be able to withstand all this flim-flammery" caused by program trading.@@@@1@35@@oe@2-2-2013
20121044@unknown@formal@none@1@S@She believes that the only answer for individuals is to "buy stocks that'll weather any storm."@@@@1@16@@oe@2-2-2013
20121045@unknown@formal@none@1@S@Lucille Gorman, an 84-year-old Chicago housewife, has become amazingly immune to stock-market jolts.@@@@1@13@@oe@2-2-2013
20121046@unknown@formal@none@1@S@Mrs. Gorman took advantage of low prices after the 1987 crash to buy stocks and has hunted for other bargains since the Oct. 13 plunge.@@@@1@25@@oe@2-2-2013
20121047@unknown@formal@none@1@S@"My stocks are all blue chips," she says.@@@@1@8@@oe@2-2-2013
20121048@unknown@formal@none@1@S@"If the market goes down, I figure it's paper profits I'm losing.@@@@1@12@@oe@2-2-2013
20121049@unknown@formal@none@1@S@On the other hand, if it goes way sky high, I always sell.@@@@1@13@@oe@2-2-2013
20121050@unknown@formal@none@1@S@You don't want to get yourself too upset about these things.@@@@1@11@@oe@2-2-2013
20122001@unknown@formal@none@1@S@Young's Market Co., a wholesaler of spirits, wines and other goods, said it will merge with a new corporation formed by the Underwood family, which controls Young's.@@@@1@27@@oe@2-2-2013
20122002@unknown@formal@none@1@S@Under terms of the agreement, shareholders other than the Underwoods will receive $3,500 a share at closing, which is expected in December.@@@@1@22@@oe@2-2-2013
20122003@unknown@formal@none@1@S@The Underwood family said that holders of more than a majority of the stock of the company have approved the transaction by written consent.@@@@1@24@@oe@2-2-2013
20123001@unknown@formal@none@1@S@Researchers at American Telephone & Telegraph Co.'s Bell Laboratories reported they raised the electrical current-carrying capacity of new superconductor crystals by a factor of 100, moving the materials closer to commercial use.@@@@1@32@@oe@2-2-2013
20123002@unknown@formal@none@1@S@The scientists said they created small changes in the crystal-lattice structures of the superconductors to raise the amount of current that single crystals could carry to 600,000 amps per square centimeter in a moderately strong magnetic field.@@@@1@37@@oe@2-2-2013
20123003@unknown@formal@none@1@S@The scientists said they made the advance with yttrium-containing superconductors cooled to liquid-nitrogen temperature, or minus 321 degrees Fahrenheit.@@@@1@19@@oe@2-2-2013
20123004@unknown@formal@none@1@S@Their report appears in today's issue of the journal Nature.@@@@1@10@@oe@2-2-2013
20123005@unknown@formal@none@1@S@The finding marks a significant step in research on "bulk" superconductors, which are aimed at use in wires for motors, magnets, generators and other applications.@@@@1@25@@oe@2-2-2013
20123006@unknown@formal@none@1@S@Scientists had obtained even higher current-carrying capacity in thin films of the new superconductors, but have had problems increasing the amount of current that bulk crystals could carry.@@@@1@28@@oe@2-2-2013
20123007@unknown@formal@none@1@S@Superconductors conduct electricity without resistance when cooled.@@@@1@7@@oe@2-2-2013
20123008@unknown@formal@none@1@S@A family of ceramic superconductors discovered during the past three years promise new technologies such as cheaper electrical generation -- but only if their current-carrying capacity can be raised.@@@@1@29@@oe@2-2-2013
20123009@unknown@formal@none@1@S@The AT&T advance shows how one aspect of the current-carrying problem can be overcome.@@@@1@14@@oe@2-2-2013
20123010@unknown@formal@none@1@S@But "it won't lead to imminent use" of new superconductors, cautioned Robert B. van Dover, one of the AT&T researchers.@@@@1@20@@oe@2-2-2013
20123011@unknown@formal@none@1@S@He added that the current-carrying capacity of multi-crystal samples of superconductors remains too low for most practical uses because of so-called weak links between crystals.@@@@1@25@@oe@2-2-2013
20123012@unknown@formal@none@1@S@Such multi-crystal materials will probably be needed for commercial applications.@@@@1@10@@oe@2-2-2013
20123013@unknown@formal@none@1@S@Mr. van Dover said the AT&T team created the desired crystal changes by bombarding superconductor samples with neutrons, a process that creates some radioactivity in the samples and may not be feasible for large-scale commercial use.@@@@1@36@@oe@2-2-2013
20123014@unknown@formal@none@1@S@Still, scientists breathed a collective sigh of relief about the finding, because it demonstrates how to overcome the "flux pinning" problem that earlier this year was widely publicized as undercutting new superconductors' potential.@@@@1@33@@oe@2-2-2013
20123015@unknown@formal@none@1@S@The problem involves the motion of small magnetic fields within superconductor crystals, limiting their current-carrying capacity.@@@@1@16@@oe@2-2-2013
20123016@unknown@formal@none@1@S@Mr. van Dover said the crystal changes his team introduced apparently pins the magnetic fields in place, preventing them from lowering current-carrying capacity.@@@@1@23@@oe@2-2-2013
20123017@unknown@formal@none@1@S@Mr. van Dover added that researchers are trying to determine precisely what crystal changes solved the problem.@@@@1@17@@oe@2-2-2013
20123018@unknown@formal@none@1@S@Determining that may enable them to develop better ways to introduce the needed crystal-lattice patterns.@@@@1@15@@oe@2-2-2013
20123019@unknown@formal@none@1@S@The AT&T team also is trying to combine their latest superconductor process with "melt-textured growth," a process discovered earlier at Bell Laboratories.@@@@1@22@@oe@2-2-2013
20123020@unknown@formal@none@1@S@The combined processes may significantly raise the current-carrying capacity of multi-crystal samples.@@@@1@12@@oe@2-2-2013
20124001@unknown@formal@none@1@S@William C. Walbrecher Jr., an executive at San Francisco-based 1st Nationwide Bank, was named president and chief executive officer of Citadel Holding Corp. and its principal operating unit, Fidelity Federal Bank.@@@@1@31@@oe@2-2-2013
20124002@unknown@formal@none@1@S@The appointment takes effect Nov. 13.@@@@1@6@@oe@2-2-2013
20124003@unknown@formal@none@1@S@He succeeds James A. Taylor, who stepped down as chairman, president and chief executive in March for health reasons.@@@@1@19@@oe@2-2-2013
20124004@unknown@formal@none@1@S@Edward L. Kane succeeded Mr. Taylor as chairman.@@@@1@8@@oe@2-2-2013
20124005@unknown@formal@none@1@S@Separately, Citadel posted a third-quarter net loss of $2.3 million, or 68 cents a share, versus net income of $5.3 million, or $1.61 a share, a year earlier.@@@@1@28@@oe@2-2-2013
20124006@unknown@formal@none@1@S@The latest results include some unusual write-downs, which had an after-tax impact of $4.9 million.@@@@1@15@@oe@2-2-2013
20124007@unknown@formal@none@1@S@Those included costs associated with the potential Valley Federal Savings and Loan Association acquisition, which was terminated on Sept. 27, 1989.@@@@1@21@@oe@2-2-2013
20124008@unknown@formal@none@1@S@In addition, operating results were hit by an increase in loan and real estate loss reserves.@@@@1@16@@oe@2-2-2013
20124009@unknown@formal@none@1@S@In American Stock Exchange composite trading, Citadel shares closed yesterday at $45.75, down 25 cents.@@@@1@15@@oe@2-2-2013
20125001@unknown@formal@none@1@S@The following were among yesterday's offerings and pricings in the U.S. and non-U.S. capital markets, with terms and syndicate manager, as compiled by Dow Jones Capital Markets Report:@@@@1@28@@oe@2-2-2013
20125002@unknown@formal@none@1@S@International Business Machines Corp. --@@@@1@5@@oe@2-2-2013
20125003@unknown@formal@none@1@S@$750 million of 8 3/8% debentures due Nov. 1, 2019, priced at 99 to yield 8.467%.@@@@1@16@@oe@2-2-2013
20125004@unknown@formal@none@1@S@The 30-year non-callable issue was priced at a spread of 57 basis points above the Treasury's 8 1/8% bellwether long bond.@@@@1@21@@oe@2-2-2013
20125005@unknown@formal@none@1@S@Rated triple-A by both Moody's Investors Service Inc. and Standard & Poor's Corp., the issue will be sold through underwriters led by Salomon Brothers Inc.@@@@1@25@@oe@2-2-2013
20125006@unknown@formal@none@1@S@The size of the issue was increased from an originally planned $500 million.@@@@1@13@@oe@2-2-2013
20125007@unknown@formal@none@1@S@Detroit --@@@@1@2@@oe@2-2-2013
20125008@unknown@formal@none@1@S@$130 million of general obligation distributable state aid bonds due 1991-2000 and 2009, tentatively priced by a Chemical Securities Inc. group to yield from 6.20% in 1991 to 7.272% in 2009.@@@@1@31@@oe@2-2-2013
20125009@unknown@formal@none@1@S@There is $81.8 million of 7.20% term bonds due 2009 priced at 99 1/4 to yield 7.272%.@@@@1@17@@oe@2-2-2013
20125010@unknown@formal@none@1@S@Serial bonds are priced to yield from 6.20% in 1991 to 7% in 2000.@@@@1@14@@oe@2-2-2013
20125011@unknown@formal@none@1@S@The bonds are insured and triple-A-rated.@@@@1@6@@oe@2-2-2013
20125012@unknown@formal@none@1@S@Santa Ana Community Redevelopment Agency, Calif. --@@@@1@7@@oe@2-2-2013
20125013@unknown@formal@none@1@S@$107 million of tax allocation bonds, 1989 Series A-D, due 1991-1999, 2009 and 2019, tentatively priced by a Donaldson Lufkin & Jenrette Securities Corp. group to yield from 6.40% in 1991 to 7.458% in 2019.@@@@1@35@@oe@2-2-2013
20125014@unknown@formal@none@1@S@The 7 3/8% term bonds due 2009 are priced at 99 1/2 to yield 7.422%, and 7 3/8% term bonds due 2019 are priced at 99 to yield 7.458%.@@@@1@29@@oe@2-2-2013
20125015@unknown@formal@none@1@S@Serial bonds are priced at par to yield from 6.40% in 1991 to 7.15% in 1999.@@@@1@16@@oe@2-2-2013
20125016@unknown@formal@none@1@S@The bonds are rated single-A by S&P, according to the lead underwriter.@@@@1@12@@oe@2-2-2013
20125017@unknown@formal@none@1@S@Maryland Community Development Administration, Department of Housing and Community Development --@@@@1@11@@oe@2-2-2013
20125018@unknown@formal@none@1@S@$80.8 million of single-family program bonds, 1989 fourth and fifth series, tentatively priced by a Merrill Lynch Capital Markets group to yield from 6.25% in 1992 for fourth series bonds to 7.74% in 2029 for fifth series bonds.@@@@1@38@@oe@2-2-2013
20125019@unknown@formal@none@1@S@There is $30.9 million of fourth series bonds, the interest on which is not subject to the federal alternative minimum tax.@@@@1@21@@oe@2-2-2013
20125020@unknown@formal@none@1@S@They mature 1992-1999, 2009 and 2017.@@@@1@6@@oe@2-2-2013
20125021@unknown@formal@none@1@S@Fourth series serial bonds are priced at par to yield from 6.25% in 1992 to 7% in 1999.@@@@1@18@@oe@2-2-2013
20125022@unknown@formal@none@1@S@The 7.40% term bonds due 2009 are priced to yield 7.45%, and 7.40% term bonds due 2017 are priced to yield 7.50%.@@@@1@22@@oe@2-2-2013
20125023@unknown@formal@none@1@S@There is $49.9 million of fifth series bonds, which are subject to the federal alternative minimum tax.@@@@1@17@@oe@2-2-2013
20125024@unknown@formal@none@1@S@They mature in 2005, 2009 and 2029.@@@@1@7@@oe@2-2-2013
20125025@unknown@formal@none@1@S@Bonds due in 2005 have a 7 1/2% coupon and are priced at par.@@@@1@14@@oe@2-2-2013
20125026@unknown@formal@none@1@S@The 7 5/8% bonds due 2009 are priced to yield 7.65%, and 7 5/8% bonds due 2029 are priced at 98 1/2 to yield 7.74%.@@@@1@25@@oe@2-2-2013
20125027@unknown@formal@none@1@S@The underwriters expect a double-A rating from Moody's.@@@@1@8@@oe@2-2-2013
20125028@unknown@formal@none@1@S@Heiwado Co. (Japan) --@@@@1@4@@oe@2-2-2013
20125029@unknown@formal@none@1@S@$100 million of Eurobonds due Nov. 16, 1993, with equity-purchase warrants, indicating a 3 7/8% coupon at par, via Daiwa Europe Ltd.@@@@1@22@@oe@2-2-2013
20125030@unknown@formal@none@1@S@Each $5,000 bond carries one warrant, exercisable from Nov. 30, 1989, through Nov. 2, 1993, to buy shares at an expected premium of 2 1/2% to the closing price when terms are fixed Tuesday.@@@@1@34@@oe@2-2-2013
20125031@unknown@formal@none@1@S@Fees 2 1/4.@@@@1@3@@oe@2-2-2013
20125032@unknown@formal@none@1@S@Svenska Intecknings Garanti Aktiebolaget (Sweden) --@@@@1@6@@oe@2-2-2013
20125033@unknown@formal@none@1@S@20 billion yen of 6% Eurobonds due Nov. 21, 1994, priced at 101 3/4 to yield 6.03% less full fees, via Mitsui Finance International.@@@@1@24@@oe@2-2-2013
20125034@unknown@formal@none@1@S@Guaranteed by Svenska Handelsbanken.@@@@1@4@@oe@2-2-2013
20125035@unknown@formal@none@1@S@Fees 1 7/8.@@@@1@3@@oe@2-2-2013
20125036@unknown@formal@none@1@S@Takashima & Co. (Japan) --@@@@1@5@@oe@2-2-2013
20125037@unknown@formal@none@1@S@50 million Swiss francs of privately placed convertible notes due March 31, 1994, with a fixed 0.25% coupon at par via Yamaichi Bank (Switzerland).@@@@1@24@@oe@2-2-2013
20125038@unknown@formal@none@1@S@Put option March 31, 1992, at a fixed 107 7/8 to yield 3.43%.@@@@1@13@@oe@2-2-2013
20125039@unknown@formal@none@1@S@Each 50,000 Swiss franc note is convertible from Nov. 30, 1989, to March 16, 1994 at a 5% premium over the closing share price Monday, when terms are scheduled to be fixed.@@@@1@32@@oe@2-2-2013
20125040@unknown@formal@none@1@S@Fees 1 3/4.@@@@1@3@@oe@2-2-2013
20125041@unknown@formal@none@1@S@Mitsubishi Pencil Co. (Japan) --@@@@1@5@@oe@2-2-2013
20125042@unknown@formal@none@1@S@60 million Swiss francs of privately placed convertible notes due Dec. 31, 1993, with a fixed 0.25% coupon at par via Union Bank of Switzerland.@@@@1@25@@oe@2-2-2013
20125043@unknown@formal@none@1@S@Put option on Dec. 31, 1991, at a fixed 106 7/8 to yield 3.42%.@@@@1@14@@oe@2-2-2013
20125044@unknown@formal@none@1@S@Each 50,000 Swiss franc note is convertible from Dec. 5, 1989, to Dec. 31, 1993, at a 5% premium over the closing share price Tuesday, when terms are scheduled to be fixed.@@@@1@32@@oe@2-2-2013
20125045@unknown@formal@none@1@S@Fees 1 5/8.@@@@1@3@@oe@2-2-2013
20125046@unknown@formal@none@1@S@Koizumi Sangyo Corp. (Japan) --@@@@1@5@@oe@2-2-2013
20125047@unknown@formal@none@1@S@20 million Swiss francs of 6 1/2% privately placed notes due Nov. 29, 1996, priced at 99 1/2 via Dai-Ichi Kangyo Bank (Schweiz).@@@@1@23@@oe@2-2-2013
20125048@unknown@formal@none@1@S@Guarantee by Dai-Ichi Kangyo Bank Ltd.@@@@1@6@@oe@2-2-2013
20125049@unknown@formal@none@1@S@Fees 1 3/4.@@@@1@3@@oe@2-2-2013
20126001@unknown@formal@none@1@S@Although his team lost the World Series, San Francisco Giants owner Bob Lurie hopes to have a new home for them.@@@@1@21@@oe@2-2-2013
20126002@unknown@formal@none@1@S@He is an avid fan of a proposition on next week's ballot to help build a replacement for Candlestick Park.@@@@1@20@@oe@2-2-2013
20126003@unknown@formal@none@1@S@Small wonder, since he's asking San Francisco taxpayers to sink up to $100 million into the new stadium.@@@@1@18@@oe@2-2-2013
20126004@unknown@formal@none@1@S@As San Francisco digs out from The Pretty Big One, opponents say the last thing the city can afford is an expensive new stadium.@@@@1@24@@oe@2-2-2013
20126005@unknown@formal@none@1@S@A stadium craze is sweeping the country.@@@@1@7@@oe@2-2-2013
20126006@unknown@formal@none@1@S@It's fueled by the increasing profitability of major-league teams.@@@@1@9@@oe@2-2-2013
20126007@unknown@formal@none@1@S@Something like one-third of the nation's 60 largest cities are thinking about new stadiums, ranging from Cleveland to San Antonio and St. Petersburg.@@@@1@23@@oe@2-2-2013
20126008@unknown@formal@none@1@S@Most boosters claim the new sports complexes will be moneymakers for their city.@@@@1@13@@oe@2-2-2013
20126009@unknown@formal@none@1@S@Pepperdine University economist Dean Baim scoffs at that.@@@@1@8@@oe@2-2-2013
20126010@unknown@formal@none@1@S@He has looked at 14 baseball and football stadiums and found that only one -- private Dodger Stadium -- brought more money into a city than it took out.@@@@1@29@@oe@2-2-2013
20126011@unknown@formal@none@1@S@Stadiums tend to redistribute existing wealth within a community, not create more of it.@@@@1@14@@oe@2-2-2013
20126012@unknown@formal@none@1@S@Voters generally agree when they are given a chance to decide if they want to sink their own tax dollars into a new mega-stadium.@@@@1@24@@oe@2-2-2013
20126013@unknown@formal@none@1@S@San Francisco voters rejected a new ballpark two years ago.@@@@1@10@@oe@2-2-2013
20126014@unknown@formal@none@1@S@Last month, Phoenix voters turned thumbs down on a $100 million stadium bond and tax proposition.@@@@1@16@@oe@2-2-2013
20126015@unknown@formal@none@1@S@Its backers fielded every important interest on their team -- a popular mayor, the Chamber of Commerce, the major media -- and spent $100,000 on promotion.@@@@1@26@@oe@2-2-2013
20126016@unknown@formal@none@1@S@But voters decided that if the stadium was such a good idea someone would build it himself, and rejected it 59% to 41%.@@@@1@23@@oe@2-2-2013
20126017@unknown@formal@none@1@S@In San Francisco, its backers concede the ballpark is at best running even in the polls.@@@@1@16@@oe@2-2-2013
20126018@unknown@formal@none@1@S@George Christopher, the former San Francisco mayor who built Candlestick Park for the Giants in the 1960s, won't endorse the new ballpark.@@@@1@22@@oe@2-2-2013
20126019@unknown@formal@none@1@S@He says he had Candlestick built because the Giants claimed they needed 10,000 parking spaces.@@@@1@15@@oe@2-2-2013
20126020@unknown@formal@none@1@S@Since the new park will have only 1,500 spaces, Mr. Christopher thinks backers are playing some fiscal "games" of their own with the voters.@@@@1@24@@oe@2-2-2013
20126021@unknown@formal@none@1@S@Stadium boosters claim that without public money they would never be built.@@@@1@12@@oe@2-2-2013
20126022@unknown@formal@none@1@S@Miami Dolphins owner Joe Robbie disagrees, and he can prove it.@@@@1@11@@oe@2-2-2013
20126023@unknown@formal@none@1@S@Several years ago he gave up trying to persuade Miami to improve its city-owned Orange Bowl, and instead built his own $100 million coliseum with private funds.@@@@1@27@@oe@2-2-2013
20126024@unknown@formal@none@1@S@He didn't see why the taxpayers should help build something he would then use to turn a healthy profit.@@@@1@19@@oe@2-2-2013
20126025@unknown@formal@none@1@S@"This stadium shows that anything government can do, we can do better," Mr. Robbie says.@@@@1@15@@oe@2-2-2013
20126026@unknown@formal@none@1@S@But to Moon Landrieu, the former New Orleans mayor who helped build that city's cavernous, money-losing Superdome, questions of who benefits or the bottom line are of little relevance.@@@@1@29@@oe@2-2-2013
20126027@unknown@formal@none@1@S@"The Superdome is an exercise in optimism, a statement of faith," he has said.@@@@1@14@@oe@2-2-2013
20126028@unknown@formal@none@1@S@"It is the very building of it that is important, not how much of it is used or its economics."@@@@1@20@@oe@2-2-2013
20126029@unknown@formal@none@1@S@An Egyptian Pharaoh couldn't have justified his pyramids any better.@@@@1@10@@oe@2-2-2013
20126030@unknown@formal@none@1@S@But civilization has moved forward since then.@@@@1@7@@oe@2-2-2013
20126031@unknown@formal@none@1@S@Today taxpayers get to vote, most of the time, on whether they want to finance the building schemes of our modern political pharaohs, or let private money erect these playgrounds for public passions.@@@@1@33@@oe@2-2-2013
20127001@unknown@formal@none@1@S@Reed International PLC said that net income for the six months ended Oct. 1 slipped 5% to #89.7 million ($141.9 million), or 16 pence a share, from #94.8 million ($149.9 million), or 17.3 pence a share.@@@@1@36@@oe@2-2-2013
20127002@unknown@formal@none@1@S@The British paper, packaging and publishing concern, said profit from continuing lines fell 10% to #118 million from #130.6 million.@@@@1@20@@oe@2-2-2013
20127003@unknown@formal@none@1@S@While there were no one-time gains or losses in the latest period, there was a one-time gain of #18 million in the 1988 period.@@@@1@24@@oe@2-2-2013
20127004@unknown@formal@none@1@S@And while there was no profit this year from discontinued operations, last year they contributed #34 million, before tax.@@@@1@19@@oe@2-2-2013
20127005@unknown@formal@none@1@S@Pretax profit fell 3.7% to #128 million from #133 million and was below analysts' expectations of #130 million to #135 million, but shares rose 6 pence to 388 pence in early trading yesterday in London.@@@@1@35@@oe@2-2-2013
20127006@unknown@formal@none@1@S@Reed is paying an interim dividend of 4.6 pence, up 15% from 4 pence a year earlier.@@@@1@17@@oe@2-2-2013
20127007@unknown@formal@none@1@S@Sales fell 20% to #722 million.@@@@1@6@@oe@2-2-2013
20127008@unknown@formal@none@1@S@Earnings were hurt by disposal of operations in its restructuring, Reed said.@@@@1@12@@oe@2-2-2013
20128001@unknown@formal@none@1@S@Wall Street's big securities firms face the prospect of having their credit ratings lowered.@@@@1@14@@oe@2-2-2013
20128002@unknown@formal@none@1@S@The reason: Risks from the firms' new "merchant banking" activities are rising as revenue from the industry's traditional business erodes.@@@@1@20@@oe@2-2-2013
20128003@unknown@formal@none@1@S@The downgrading of debt issued by CS First Boston Inc., parent of First Boston Corp., by Moody's Investors Service Inc., coupled with a Moody's announcement that Shearson Lehman Hutton Holdings Inc. is under review for a possible downgrade, sent shivers through the brokerage community this week.@@@@1@46@@oe@2-2-2013
20128004@unknown@formal@none@1@S@With the shudders came the realization that some of Wall Street's biggest players are struggling to maintain the stellar credit standing required to finance their activities profitably.@@@@1@27@@oe@2-2-2013
20128005@unknown@formal@none@1@S@Securities firms are among the biggest issuers of commercial paper, or short-term corporate IOUs, which they sell to finance their daily operations.@@@@1@22@@oe@2-2-2013
20128006@unknown@formal@none@1@S@The biggest firms still retain the highest ratings on their commercial paper.@@@@1@12@@oe@2-2-2013
20128007@unknown@formal@none@1@S@But Moody's warned that Shearson's commercial paper rating could be lowered soon, a move that would reduce Shearson's profit margins on its borrowings and signal trouble ahead for other firms.@@@@1@30@@oe@2-2-2013
20128008@unknown@formal@none@1@S@Shearson is 62%-owned by American Express Co.@@@@1@7@@oe@2-2-2013
20128009@unknown@formal@none@1@S@"Just as the 1980s bull market transformed the U.S. securities business, so too will the more difficult environment of the 1990s," says Christopher T. Mahoney, a Moody's vice president.@@@@1@29@@oe@2-2-2013
20128010@unknown@formal@none@1@S@"A sweeping restructuring of the industry is possible."@@@@1@8@@oe@2-2-2013
20128011@unknown@formal@none@1@S@Standard & Poor's Corp. says First Boston, Shearson and Drexel Burnham Lambert Inc., in particular, are likely to have difficulty shoring up their credit standing in months ahead.@@@@1@28@@oe@2-2-2013
20128012@unknown@formal@none@1@S@What worries credit-rating concerns the most is that Wall Street firms are taking long-term risks with their own capital via leveraged buy-out and junk bond financings.@@@@1@26@@oe@2-2-2013
20128013@unknown@formal@none@1@S@That's a departure from their traditional practice of transferring almost all financing risks to investors.@@@@1@15@@oe@2-2-2013
20128014@unknown@formal@none@1@S@Whereas conventional securities financings are structured to be sold quickly, Wall Street's new penchant for leveraged buy-outs and junk bonds is resulting in long-term lending commitments that stretch out for months or years.@@@@1@33@@oe@2-2-2013
20128015@unknown@formal@none@1@S@"The recent disarray in the junk bond market suggests that brokers may become longer-term creditors than they anticipated and may face long delays" in getting their money back, says Jeffrey Bowman, a vice president at S&P, which raised a warning flag for the industry in April when it downgraded CS First Boston.@@@@1@52@@oe@2-2-2013
20128016@unknown@formal@none@1@S@"Wall Street is facing a Catch-22 situation," says Mr. Mahoney of Moody's.@@@@1@12@@oe@2-2-2013
20128017@unknown@formal@none@1@S@Merchant banking, where firms commit their own money, "is getting riskier, and there's less of it to go around."@@@@1@19@@oe@2-2-2013
20128018@unknown@formal@none@1@S@In addition, he says, the buy-out business is under pressure "because of the junk bond collapse," meaning that returns are likely to decline as the volume of junk-bond financings shrinks.@@@@1@30@@oe@2-2-2013
20128019@unknown@formal@none@1@S@In a leveraged buy-out, a small group of investors acquires a company in a transaction financed largely by borrowing, with the expectation that the debt will be paid with funds generated by the acquired company's operations or sales of its assets.@@@@1@41@@oe@2-2-2013
20128020@unknown@formal@none@1@S@In a recent report, Moody's said it "expects intense competition to occur through the rest of the century in the securities industry, which, combined with overcapacity, will create poor prospects for profitability."@@@@1@32@@oe@2-2-2013
20128021@unknown@formal@none@1@S@It said that the "temptation for managements to ease this profit pressure by taking greater risks is an additional rating factor."@@@@1@21@@oe@2-2-2013
20128022@unknown@formal@none@1@S@Both Moody's and S&P cited First Boston's reliance in recent years on merchant banking, which has been responsible for a significant portion of the closely held firm's profit.@@@@1@28@@oe@2-2-2013
20128023@unknown@formal@none@1@S@The recent cash squeeze at Campeau Corp., First Boston's most lucrative client of the decade, is proving costly to First Boston because it arranged more than $3 billion of high-yield, high-risk junk financings for Campeau units.@@@@1@36@@oe@2-2-2013
20128024@unknown@formal@none@1@S@In addition, a big loan that First Boston made to Ohio Mattress Co. wasn't repaid on time when its $450 million junk financing for a buy-out of the bedding company was withdrawn.@@@@1@32@@oe@2-2-2013
20128025@unknown@formal@none@1@S@"These two exposures alone represent a very substantial portion of CS First Boston's equity," Moody's said.@@@@1@16@@oe@2-2-2013
20128026@unknown@formal@none@1@S@"Total merchant banking exposures are in excess of the firm's equity."@@@@1@11@@oe@2-2-2013
20128027@unknown@formal@none@1@S@CS First Boston, however, benefits from the backing of its largest shareholder, Credit Suisse, Switzerland's third largest bank.@@@@1@18@@oe@2-2-2013
20128028@unknown@formal@none@1@S@Shearson also has been an aggressive participant in the leveraged buy-out business.@@@@1@12@@oe@2-2-2013
20128029@unknown@formal@none@1@S@But its earnings became a major disappointment as its traditional retail, or individual investor, business showed no signs of rebounding from the slump that followed the October 1987 stock market crash.@@@@1@31@@oe@2-2-2013
20128030@unknown@formal@none@1@S@In addition, Shearson's listed $2 billion of capital is overstated, according to the rating concerns, because it includes $1.7 billion of goodwill.@@@@1@22@@oe@2-2-2013
20128031@unknown@formal@none@1@S@Shearson "really only has $300 million of capital," says Mr. Bowman of S&P.@@@@1@13@@oe@2-2-2013
20128032@unknown@formal@none@1@S@A Shearson spokesman said the firm isn't worried.@@@@1@8@@oe@2-2-2013
20128033@unknown@formal@none@1@S@"A year ago, Moody's also had Shearson under review for possible downgrade," he said.@@@@1@14@@oe@2-2-2013
20128034@unknown@formal@none@1@S@"After two months of talks, our rating was maintained."@@@@1@9@@oe@2-2-2013
20128035@unknown@formal@none@1@S@Drexel, meanwhile, already competes at a disadvantage to its big Wall Street rivals because it has a slightly lower commercial paper rating.@@@@1@22@@oe@2-2-2013
20128036@unknown@formal@none@1@S@The collapse of junk bond prices and the cancellation of many junk bond financings apparently have taken their toll on closely held Drexel, the leading underwriter in that market.@@@@1@29@@oe@2-2-2013
20128037@unknown@formal@none@1@S@The firm also has been hit with big financial settlements with the government stemming from its guilty plea to six felonies related to a big insider-trading scandal.@@@@1@27@@oe@2-2-2013
20128038@unknown@formal@none@1@S@Drexel this year eliminated its retail or individual customer business, cutting the firm's workforce almost in half to just over 5,000.@@@@1@21@@oe@2-2-2013
20128039@unknown@formal@none@1@S@Recently, Drexel circulated a private financial statement among several securities firms showing that its earnings performance has diminished this year from previous years.@@@@1@23@@oe@2-2-2013
20128040@unknown@formal@none@1@S@The firm's capital, moreover, hasn't grown at the same rate as in the past, officials at these firms say.@@@@1@19@@oe@2-2-2013
20128041@unknown@formal@none@1@S@Drexel remains confident of its future creditworthiness.@@@@1@7@@oe@2-2-2013
20128042@unknown@formal@none@1@S@"We're well positioned with $1.7 billion of capital," a Drexel spokesman said.@@@@1@12@@oe@2-2-2013
20128043@unknown@formal@none@1@S@"And as a leading investment and merchant banking firm, the fact that we are no longer subject to the uncertainties and vicissitudes of the retail business is a major plus in our view.@@@@1@33@@oe@2-2-2013
20128044@unknown@formal@none@1@S@Moreover, we've probably been the most aggressive firm on the Street in reducing costs, which are down around 40% over the last six months.@@@@1@24@@oe@2-2-2013
20129001@unknown@formal@none@1@S@Lewis C. Veraldi, the father of the team that created the highly successful Ford Taurus and Mercury Sable cars, retired early after experiencing recent heart problems.@@@@1@26@@oe@2-2-2013
20129002@unknown@formal@none@1@S@Most recently, Mr. Veraldi, 59 years old, has been vice president of product and manufacturing engineering at Ford Motor Co.@@@@1@20@@oe@2-2-2013
20129003@unknown@formal@none@1@S@But he is best known in the auto industry as the creator of a team car-development approach that produced the two midsized cars that were instrumental in helping the No. 2 auto maker record profits in recent years and in enabling the company's Ford division to eclipse General Motors Corp.'s Chevrolet division as the top-selling nameplate in the U.S.@@@@1@59@@oe@2-2-2013
20129004@unknown@formal@none@1@S@Under the so-called Team Taurus approach, Mr. Veraldi and other Ford product planners sought the involvement of parts suppliers, assembly-line workers, auto designers and financial staff members from the initial stages of the development cycle.@@@@1@35@@oe@2-2-2013
20129005@unknown@formal@none@1@S@The concept's goal was to eliminate bureaucracy and make Ford's product development more responsive to consumer demands.@@@@1@17@@oe@2-2-2013
20129006@unknown@formal@none@1@S@It was later applied to other new-car programs, including those that produced the Ford Thunderbird and Mercury Cougar.@@@@1@18@@oe@2-2-2013
20129007@unknown@formal@none@1@S@Ford Chairman Donald E. Petersen said yesterday that Mr. Veraldi has "helped to change the world's perception of American-made cars."@@@@1@20@@oe@2-2-2013
20129008@unknown@formal@none@1@S@Mr. Veraldi worked at Ford for 40 years, holding a variety of car and parts-engineering positions.@@@@1@16@@oe@2-2-2013
20130001@unknown@formal@none@1@S@The limits to legal absurdity stretched another notch this week when the Supreme Court refused to hear an appeal from a case that says corporate defendants must pay damages even after proving that they could not possibly have caused the harm.@@@@1@41@@oe@2-2-2013
20130002@unknown@formal@none@1@S@We can understand and share the compassion that makes judges sometimes wish to offer a kind of Solomonic aid to those who've been hurt.@@@@1@24@@oe@2-2-2013
20130003@unknown@formal@none@1@S@But this case is a stark lesson in how the failures of the traditional policy-making process have left the courts as the only forum this country has to debate risk, technology and innovation.@@@@1@33@@oe@2-2-2013
20130004@unknown@formal@none@1@S@Too often now, a single court decision becomes the precedent for other, less compelling cases.@@@@1@15@@oe@2-2-2013
20130005@unknown@formal@none@1@S@From the 1940s until 1971, some two million women took the synthetic hormone diethylstilbestrol (DES) to prevent miscarriages and morning sickness.@@@@1@21@@oe@2-2-2013
20130006@unknown@formal@none@1@S@The drug was approved by the Food and Drug Administration and marketed by some 300 pharmaceutical companies, often under generic labels.@@@@1@21@@oe@2-2-2013
20130007@unknown@formal@none@1@S@In the 1970s, scientists reported cancer cases among the daughters of DES users.@@@@1@13@@oe@2-2-2013
20130008@unknown@formal@none@1@S@The cases quickly went to court, but the mothers of several thousand DES plaintiffs couldn't recall whose brand they used.@@@@1@20@@oe@2-2-2013
20130009@unknown@formal@none@1@S@Beginning in 1980, courts in several states including California and New York decided to suspend the common-law rule that plaintiffs must prove that the defendants are the ones who are liable.@@@@1@31@@oe@2-2-2013
20130010@unknown@formal@none@1@S@Courts made the assumption that all DES pills were essentially the same, and created a market-share test so that damages would be assessed against drug makers in the proportion of their share of the original sales.@@@@1@36@@oe@2-2-2013
20130011@unknown@formal@none@1@S@This has some logic.@@@@1@4@@oe@2-2-2013
20130012@unknown@formal@none@1@S@Drug makers shouldn't be able to duck liability because people couldn't identify precisely which identical drug was used.@@@@1@18@@oe@2-2-2013
20130013@unknown@formal@none@1@S@But courts quickly tumbled down a slippery slope.@@@@1@8@@oe@2-2-2013
20130014@unknown@formal@none@1@S@Just as all plaintiffs are not alike, it turns out that DES defendants marketed the drugs differently and may have offered different warranties.@@@@1@23@@oe@2-2-2013
20130015@unknown@formal@none@1@S@The ultimate result came in Hymowitz v. Lilly, where the highest New York court expanded the market-share approach for the first time to say that drug makers that could prove Mindy Hymowitz's mother didn't use their pill must still pay their share of any damages.@@@@1@45@@oe@2-2-2013
20130016@unknown@formal@none@1@S@But as Duke University law professor William Van Alstyne notes, by this reasoning a defendant could be held liable in New York for a bad apple even if he sold all his apples in California.@@@@1@35@@oe@2-2-2013
20130017@unknown@formal@none@1@S@Despite the Supreme Court's refusal to hear the case, there are serious constitutional issues of due process and uncompensated takings from the defendants.@@@@1@23@@oe@2-2-2013
20130018@unknown@formal@none@1@S@The big problem, however, is that there's no guarantee that this reasoning will be limited to DES or to drugs.@@@@1@20@@oe@2-2-2013
20130019@unknown@formal@none@1@S@The problem here goes well beyond twisting legal doctrine.@@@@1@9@@oe@2-2-2013
20130020@unknown@formal@none@1@S@The California Supreme Court last year reversed direction to make it much harder to win DES cases because the justices saw how all the pharmaceutical litigation has chilled the introduction of new drugs.@@@@1@33@@oe@2-2-2013
20130021@unknown@formal@none@1@S@The court rejected strict liability for prescription drugs, citing the huge, hidden social costs.@@@@1@14@@oe@2-2-2013
20130022@unknown@formal@none@1@S@"Public policy favors the development and marketing of beneficial new drugs, even though some risks, perhaps serious ones, might accompany their introduction because drugs can save lives and reduce pain and suffering," the unanimous court said.@@@@1@36@@oe@2-2-2013
20130023@unknown@formal@none@1@S@The California justices noted that the fear of litigation already forced the only remaining anti-morning-sickness drug, Bendectin, off the U.S. market.@@@@1@21@@oe@2-2-2013
20130024@unknown@formal@none@1@S@This raises the key issue: What to do about people who suffer serious injuries from beneficial drugs?@@@@1@17@@oe@2-2-2013
20130025@unknown@formal@none@1@S@We now know that holding drug makers liable where there's no evidence that they or anyone else knew of any risks only means the drugs won't be available to anyone.@@@@1@30@@oe@2-2-2013
20130026@unknown@formal@none@1@S@As liability expert Peter Huber tells us, after the Hymowitz case, if any drug maker introduces an anti-miscarriage drug "it's time to sell that company's stock short."@@@@1@27@@oe@2-2-2013
20130027@unknown@formal@none@1@S@We also know that the tort system is a lousy way to compensate victims anyway; some win the legal lottery, others get much less and contingency-fee lawyers take a big cut either way.@@@@1@33@@oe@2-2-2013
20130028@unknown@formal@none@1@S@DES daughters and other victims of drugs would be better off if their cases were taken out of the courts.@@@@1@20@@oe@2-2-2013
20130029@unknown@formal@none@1@S@Congress could create a compensation program to help such victims while protecting the national interest in encouraging new drugs.@@@@1@19@@oe@2-2-2013
20130030@unknown@formal@none@1@S@But a 1986 law that supposedly replaced lawsuits over children's vaccines with a compensation fund has predictably led to even more litigation.@@@@1@22@@oe@2-2-2013
20130031@unknown@formal@none@1@S@Everyone by now understands that Congress is utterly incapable of writing legislation to help deserving people without its becoming some billion-dollar morass.@@@@1@22@@oe@2-2-2013
20130032@unknown@formal@none@1@S@We have no doubt this is one reason judges in New York and justices on the Supreme Court are willing to trash the law in the DES cases.@@@@1@28@@oe@2-2-2013
20130033@unknown@formal@none@1@S@They must figure that justice has to get done by somebody, but know it won't be done by Congress.@@@@1@19@@oe@2-2-2013
20131001@unknown@formal@none@1@S@Odyssey Partners Limited Partnership, an investment firm, completed the purchase of May Department Stores Co.'s Caldor discount chain for $500 million plus the assumption of $52 million in debt.@@@@1@29@@oe@2-2-2013
20131002@unknown@formal@none@1@S@Caldor, based in Norwalk, Conn., operates 118 stores in the Northeast; it reported revenue of $1.6 billion last year.@@@@1@19@@oe@2-2-2013
20131003@unknown@formal@none@1@S@May Stores, St. Louis, runs such well-known department stores as Lord & Taylor.@@@@1@13@@oe@2-2-2013
20132001@unknown@formal@none@1@S@N.V. DSM said net income in the third quarter jumped 63% as the company had substantially lower extraordinary charges to account for a restructuring program.@@@@1@25@@oe@2-2-2013
20132002@unknown@formal@none@1@S@The Dutch chemical group said net income gained to 235 million guilders ($113.2 million), or 6.70 guilders a share, from 144 million guilders, or 4.10 guilders a share, a year ago.@@@@1@31@@oe@2-2-2013
20132003@unknown@formal@none@1@S@The 32% state-owned DSM had eight million guilders of extraordinary charges in the latest quarter, mainly to reflect one-time losses in connection with the disposal of some operations.@@@@1@28@@oe@2-2-2013
20132004@unknown@formal@none@1@S@The charges were offset in part by a gain from the sale of the company's construction division.@@@@1@17@@oe@2-2-2013
20132005@unknown@formal@none@1@S@Last year, DSM had 71 million guilders of extraordinary charges for the restructuring program and other transactions.@@@@1@17@@oe@2-2-2013
20132006@unknown@formal@none@1@S@The earnings growth also was fueled by the company's ability to cut net financing spending by half to around 15 million guilders.@@@@1@22@@oe@2-2-2013
20132007@unknown@formal@none@1@S@Also, substantially lower Dutch corporate tax rates helped the company keep its tax outlay flat relative to earnings growth, the company added.@@@@1@22@@oe@2-2-2013
20132008@unknown@formal@none@1@S@Sales, however, were little changed at 2.46 billion guilders, compared with 2.42 billion guilders.@@@@1@14@@oe@2-2-2013
20133001@unknown@formal@none@1@S@Allergan Inc. said it received Food and Drug Administration approval to sell the PhacoFlex intraocular lens, the first foldable silicone lens available for cataract surgery.@@@@1@25@@oe@2-2-2013
20133002@unknown@formal@none@1@S@The len's foldability enables it to be inserted in smaller incisions than are now possible for cataract surgery, the eye care and skin care concern said.@@@@1@26@@oe@2-2-2013
20133003@unknown@formal@none@1@S@Cataracts refer to a clouding of the eye's natural lens.@@@@1@10@@oe@2-2-2013
20134001@unknown@formal@none@1@S@A man from the Bush administration came before the House Agriculture Committee yesterday to talk about the U.S.'s intention to send some $100 million in food aid to Poland, with more to come from the EC.@@@@1@36@@oe@2-2-2013
20134002@unknown@formal@none@1@S@The committee's members are worried what all this free food might do to the economic prospects of Poland's own farmers.@@@@1@20@@oe@2-2-2013
20134003@unknown@formal@none@1@S@Rep. Gary Ackerman noted that past food aid had harmed farmers in El Salvador and Egypt.@@@@1@16@@oe@2-2-2013
20134004@unknown@formal@none@1@S@However well intentioned, food transfers have the habit of growing larger and wrecking the market incentives for the recipient country's own farmers.@@@@1@22@@oe@2-2-2013
20134005@unknown@formal@none@1@S@The First World has for some time had the bad habit of smothering other people's economies with this kind of unfocused kindness.@@@@1@22@@oe@2-2-2013
20134006@unknown@formal@none@1@S@It should be constantly stressed that Poland's farmers mostly need a real market for their products.@@@@1@16@@oe@2-2-2013
20135001@unknown@formal@none@1@S@Elco Industries Inc. said it expects net income in the year ending June 30, 1990, to fall below a recent analyst's estimate of $1.65 a share.@@@@1@26@@oe@2-2-2013
20135002@unknown@formal@none@1@S@The Rockford, Ill., maker of fasteners also said it expects to post sales in the current fiscal year that are "slightly above" fiscal 1989 sales of $155 million.@@@@1@28@@oe@2-2-2013
20135003@unknown@formal@none@1@S@The company said its industrial unit continues to face margin pressures and lower demand.@@@@1@14@@oe@2-2-2013
20135004@unknown@formal@none@1@S@In fiscal 1989, Elco earned $7.8 million, or $1.65 a share.@@@@1@11@@oe@2-2-2013
20135005@unknown@formal@none@1@S@The company's stock fell $1.125 to $13.625 in over-the-counter trading yesterday.@@@@1@11@@oe@2-2-2013
20136001@unknown@formal@none@1@S@Oshkosh Truck Corp., Oshkosh, Wis., estimated earnings for its fourth quarter ended Sept. 30 fell 50% to 75% below the year-earlier $4.5 million, or 51 cents a share.@@@@1@28@@oe@2-2-2013
20136002@unknown@formal@none@1@S@The truck maker said the significant drop in net income will result in lower earnings for the fiscal year.@@@@1@19@@oe@2-2-2013
20136003@unknown@formal@none@1@S@In fiscal 1988, the company earned $17.3 million, or $1.92 a share, on revenue of $352.9 million.@@@@1@17@@oe@2-2-2013
20136004@unknown@formal@none@1@S@Oshkosh Truck attributed the downturn in its earnings to higher start-up costs of its new chassis division, a softer motor-home market and higher administrative costs of compliance with government contractor regulations.@@@@1@31@@oe@2-2-2013
20136005@unknown@formal@none@1@S@The company said it is in the process of phasing out John Deere, its current source of production for midsized motor home chassis.@@@@1@23@@oe@2-2-2013
20136006@unknown@formal@none@1@S@In anticipation of the start-up of its new factory, the company said a larger-than-normal chassis supply has been built to carry it through the transition period.@@@@1@26@@oe@2-2-2013
20137001@unknown@formal@none@1@S@Tokyo stocks edged up Wednesday in relatively active but unfocused trading.@@@@1@11@@oe@2-2-2013
20137002@unknown@formal@none@1@S@London shares finished moderately higher.@@@@1@5@@oe@2-2-2013
20137003@unknown@formal@none@1@S@At Tokyo, the Nikkei index of 225 selected issues, which gained 132 points Tuesday, added 14.99 points to 35564.43.@@@@1@19@@oe@2-2-2013
20137004@unknown@formal@none@1@S@In early trading in Tokyo Thursday, the Nikkei index fell 63.79 points to 35500.64.@@@@1@14@@oe@2-2-2013
20137005@unknown@formal@none@1@S@Wednesday's volume on the First Section was estimated at 900 million shares, in line with Tuesday's 909 million.@@@@1@18@@oe@2-2-2013
20137006@unknown@formal@none@1@S@Declining issues slightly outnumbered advancing issues, 454 to 451.@@@@1@9@@oe@2-2-2013
20137007@unknown@formal@none@1@S@Investors switched trading focus quickly as they did Tuesday, reflecting uncertainty about long-term commitments to any issue or sector, traders said.@@@@1@21@@oe@2-2-2013
20137008@unknown@formal@none@1@S@Speculation, on the other hand, sparked buying in certain incentive-backed issues, though rumors underlying such shares eventually proved untrue.@@@@1@19@@oe@2-2-2013
20137009@unknown@formal@none@1@S@The development, traders said, showed that there is more than ample liquidity available for investment despite the market's recent directionless trend.@@@@1@21@@oe@2-2-2013
20137010@unknown@formal@none@1@S@Dealers led the market Wednesday by actively trading for their own accounts, observers said.@@@@1@14@@oe@2-2-2013
20137011@unknown@formal@none@1@S@Institutions mostly remained on the sidelines because of uncertainty regarding interest rates and the dollar.@@@@1@15@@oe@2-2-2013
20137012@unknown@formal@none@1@S@The Tokyo Stock Price Index (Topix) of all issues listed in the First Section, which gained 16.05 points Tuesday, was down 1.46 points, or 0.05%, at 2691.19.@@@@1@27@@oe@2-2-2013
20137013@unknown@formal@none@1@S@The Second Section index, which added 6.84 points Tuesday, was up 5.92 points, or 0.16%, to close at 3648.82.@@@@1@19@@oe@2-2-2013
20137014@unknown@formal@none@1@S@Volume in the second section was estimated at 18 million shares, up from 14 million Tuesday.@@@@1@16@@oe@2-2-2013
20137015@unknown@formal@none@1@S@Akio Yamamoto, managing director of Nomura Investment Trust Management, said that if the U.S. federal funds rate declines to around 8.5%, institutions would acquire a clearer idea regarding the direction of the market and thus more comfortably participate in active buying.@@@@1@41@@oe@2-2-2013
20137016@unknown@formal@none@1@S@Tokyu Group, Mitsubishi Estate and Bridgestone/Firestone, which advanced Tuesday, declined on profit-taking.@@@@1@12@@oe@2-2-2013
20137017@unknown@formal@none@1@S@Wednesday's dominant issue was Yasuda Fire & Marine Insurance, which continued to surge on rumors of speculative buying.@@@@1@18@@oe@2-2-2013
20137018@unknown@formal@none@1@S@It ended the day up 80 yen (56 cents) to 1,880 yen ($13.15).@@@@1@13@@oe@2-2-2013
20137019@unknown@formal@none@1@S@Due to continuingly high gold prices tied to uncertainty about the U.S. currency, investor interest was directed toward oil and mining shares, which traders called a "defensive" action frequently taken when the dollar is expected to fall or during times of inflation.@@@@1@42@@oe@2-2-2013
20137020@unknown@formal@none@1@S@Teikoku Oil, also stimulated by rumors of speculative buying, advanced 100 yen to 1,460.@@@@1@14@@oe@2-2-2013
20137021@unknown@formal@none@1@S@Showa Shell gained 20 to 1,570 and Mitsubishi Oil rose 50 to 1,500.@@@@1@13@@oe@2-2-2013
20137022@unknown@formal@none@1@S@Sumitomo Metal Mining fell five yen to 692 and Nippon Mining added 15 to 960.@@@@1@15@@oe@2-2-2013
20137023@unknown@formal@none@1@S@Among other winners Wednesday was Nippon Shokubai, which was up 80 at 2,410.@@@@1@13@@oe@2-2-2013
20137024@unknown@formal@none@1@S@Marubeni advanced 11 to 890.@@@@1@5@@oe@2-2-2013
20137025@unknown@formal@none@1@S@London share prices were bolstered largely by continued gains on Wall Street and technical factors affecting demand for London's blue-chip stocks.@@@@1@21@@oe@2-2-2013
20137026@unknown@formal@none@1@S@The Financial Times-Stock Exchange 100-share index closed 17.5 points higher at 2160.1.@@@@1@12@@oe@2-2-2013
20137027@unknown@formal@none@1@S@It rose largely throughout the session after posting an intraday low of 2141.7 in the first 40 minutes of trading.@@@@1@20@@oe@2-2-2013
20137028@unknown@formal@none@1@S@The index ended the day near its session high of 2163.2, which was posted within the last half-hour of trading.@@@@1@20@@oe@2-2-2013
20137029@unknown@formal@none@1@S@Dealers said most investor interest was focused on defensive blue-chip stocks, particularly those with limited U.K. exposure.@@@@1@17@@oe@2-2-2013
20137030@unknown@formal@none@1@S@Also, several key blue chips were pushed higher in thin volume because of a technical squeeze among market makers.@@@@1@19@@oe@2-2-2013
20137031@unknown@formal@none@1@S@Sterling's firm tone, combined with a steady opening on Wall Street, also tempted some investors to come back to the market, dealers said.@@@@1@23@@oe@2-2-2013
20137032@unknown@formal@none@1@S@There were concerns early in the day that Wall Street's sharp gains on Tuesday were overdone and due for a reversal.@@@@1@21@@oe@2-2-2013
20137033@unknown@formal@none@1@S@The FT 30-share index settled 16.7 points higher at 1738.1.@@@@1@10@@oe@2-2-2013
20137034@unknown@formal@none@1@S@Volume was 372.9 million shares, up from 334.5 million on Tuesday.@@@@1@11@@oe@2-2-2013
20137035@unknown@formal@none@1@S@Dealers said institutions were still largely hugging the sidelines on fears that the market's recent technical rally might prove fragile.@@@@1@20@@oe@2-2-2013
20137036@unknown@formal@none@1@S@They cited Wall Street's recent volatility and the lack of a clear indication over the market's short-term direction as factors in the institutional caution.@@@@1@24@@oe@2-2-2013
20137037@unknown@formal@none@1@S@Jaguar, a U.K. luxury auto maker being pursued by Ford Motor and General Motors, gained 10 pence (16 cents) a share to close at 879 pence ($13.90).@@@@1@27@@oe@2-2-2013
20137038@unknown@formal@none@1@S@It shed about 7 pence, however, after dealers said the market was disappointed that Ford didn't move to tender a bid for control of the company.@@@@1@26@@oe@2-2-2013
20137039@unknown@formal@none@1@S@Dealers said the U.K. government's decision Tuesday to waive its protective "golden share" in the auto maker raised prospects of a bidding war between the two U.S. auto giants.@@@@1@29@@oe@2-2-2013
20137040@unknown@formal@none@1@S@But the waiver also was seen as a signal that Ford, a major U.K. auto industry employer, was able to gain government acceptance of its bid for control of Jaguar.@@@@1@30@@oe@2-2-2013
20137041@unknown@formal@none@1@S@Dealers said that interpretation sparked expectations of an imminent bid by Ford.@@@@1@12@@oe@2-2-2013
20137042@unknown@formal@none@1@S@B.A.T Industries, which is being pursued by Sir James Goldsmith's Hoylake Investments, rose 9 to 753 on speculation that Hoylake will sweeten its bid, dealers said.@@@@1@26@@oe@2-2-2013
20137043@unknown@formal@none@1@S@Like Jaguar, B.A.T also eased off its highs in afternoon dealings.@@@@1@11@@oe@2-2-2013
20137044@unknown@formal@none@1@S@Reed International, a U.K. publishing group, gained 15 to 397 despite reporting a 3.7% drop in interim pretax profit.@@@@1@19@@oe@2-2-2013
20137045@unknown@formal@none@1@S@Analysts said the fall in pretax profit was due to the group's recent restructuring and sale of peripheral units, and that its remaining businesses are performing well.@@@@1@27@@oe@2-2-2013
20137046@unknown@formal@none@1@S@Dealers said the market agreed.@@@@1@5@@oe@2-2-2013
20137047@unknown@formal@none@1@S@Stocks boosted by market-makers shopping to cover book requirements in FT-SE 100 shares included Carlton Communications, which climbed 32 to 778.@@@@1@21@@oe@2-2-2013
20137048@unknown@formal@none@1@S@Drug companies in the key index also notched gains as market-makers searched for stock in anticipation of demand due to the sector's defensive qualities.@@@@1@24@@oe@2-2-2013
20137049@unknown@formal@none@1@S@Wellcome gained 18 to 666 on a modest 1.1 million shares.@@@@1@11@@oe@2-2-2013
20137050@unknown@formal@none@1@S@Glaxo, the U.K.'s largest pharmaceutical concern, advanced 23 to #14.13.@@@@1@10@@oe@2-2-2013
20137051@unknown@formal@none@1@S@Stock prices closed higher in Stockholm, Amsterdam and Frankfurt and lower in Zurich.@@@@1@13@@oe@2-2-2013
20137052@unknown@formal@none@1@S@Paris, Brussels, and Milan were closed for a holiday.@@@@1@9@@oe@2-2-2013
20137053@unknown@formal@none@1@S@South African gold stocks closed marginally lower.@@@@1@7@@oe@2-2-2013
20137054@unknown@formal@none@1@S@Elsewhere, share prices closed higher in Singapore, Taipei and Wellington, were mixed in Hong Kong, lower in Seoul and little changed in Sydney.@@@@1@23@@oe@2-2-2013
20137055@unknown@formal@none@1@S@Manila markets were closed for a holiday.@@@@1@7@@oe@2-2-2013
20137056@unknown@formal@none@1@S@Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.@@@@1@19@@oe@2-2-2013
20137057@unknown@formal@none@1@S@To make them directly comparable, each index is based on the close of 1969 equaling 100.@@@@1@16@@oe@2-2-2013
20137058@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
20138001@unknown@formal@none@1@S@The following issues were recently filed with the Securities and Exchange Commission:@@@@1@12@@oe@2-2-2013
20138002@unknown@formal@none@1@S@Intermec Corp., offering of 1,050,000 common shares, via Goldman, Sachs & Co. and Piper, Jaffray & Hopwood Inc.@@@@1@18@@oe@2-2-2013
20138003@unknown@formal@none@1@S@Middlesex Water Co., offering of 150,000 shares of common stock, via Legg Mason Wood Walker Inc. and Howard, Weil, Labouisse, Friedrichs Inc.@@@@1@22@@oe@2-2-2013
20138004@unknown@formal@none@1@S@Midwesco Filter Resources Inc., initial offering of 830,000 common shares, to be offered by the company, via Chicago Corp.@@@@1@19@@oe@2-2-2013
20138005@unknown@formal@none@1@S@Nylev Municipal Fund Inc., offering of five million common shares.@@@@1@10@@oe@2-2-2013
20138006@unknown@formal@none@1@S@Occidental Petroleum Corp., shelf offering of $1.5 billion in senior debt securities.@@@@1@12@@oe@2-2-2013
20138007@unknown@formal@none@1@S@Prime Motor Inns Inc., offering of up to $300 million zero coupon convertible debentures, via Drexel Burnham Lambert Inc. and Montgomery Securities.@@@@1@22@@oe@2-2-2013
20138008@unknown@formal@none@1@S@Service Fracturing Co., proposed offering of 1.2 million shares of common stock, via Lovett Mitchell Webb & Garrison, Inc., and Blunt Ellis & Loewi Inc.@@@@1@25@@oe@2-2-2013
20138009@unknown@formal@none@1@S@Western Gas Resources Inc., initial offering of 3,250,000 shares of common stock, of which 3,040,000 shares will be sold by the company and 210,000 shares by a holder, via Prudential-Bache Capital Funding, Smith Barney, Harris Upham & Co., and Hanifen, Imhoff Inc.@@@@1@42@@oe@2-2-2013
20139001@unknown@formal@none@1@S@Hold the Putty!@@@@1@3@@oe@2-2-2013
20139002@unknown@formal@none@1@S@With lipsticks, liners, lotions and creams, There are still beauty plans left to tackle: But as the years go by, it seems That before I paint, I should spackle.@@@@1@29@@oe@2-2-2013
20139003@unknown@formal@none@1@S@-- Pat D'Amico.@@@@1@3@@oe@2-2-2013
20140001@unknown@formal@none@1@S@Criminal charges were filed against Diceon Electronics Inc. and two company officials alleging waste disposal violations in its Chatsworth, Calif., facility.@@@@1@21@@oe@2-2-2013
20140002@unknown@formal@none@1@S@The Los Angeles County district attorney's office filed seven felony and five misdemeanor counts charging that late last year and early this year the Irvine, Calif.-based circuit-board manufacturer illegally disposed of acid, caustic and heavy metals into the sewer system, and stored hazardous materials in leaky, unlabeled or open-top containers.@@@@1@50@@oe@2-2-2013
20140003@unknown@formal@none@1@S@Named as defendants were Roland Matthews, president, and Peter Jonas, executive vice president and chief financial officer, as well as a former plant manager.@@@@1@24@@oe@2-2-2013
20140004@unknown@formal@none@1@S@The company said local authorities held hearings on the allegations last spring and had returned the plant to "routine inspection" in August.@@@@1@22@@oe@2-2-2013
20140005@unknown@formal@none@1@S@"The company does not feel that it or any of the individuals violated any criminal statute and the company expects full vindication in court."@@@@1@24@@oe@2-2-2013
20140006@unknown@formal@none@1@S@Arraignments are scheduled for Nov. 14.@@@@1@6@@oe@2-2-2013
20141001@unknown@formal@none@1@S@Consumer confidence stayed strong in October, despite the unsettling gyrations of the stock market.@@@@1@14@@oe@2-2-2013
20141002@unknown@formal@none@1@S@"The sharp stock market decline in late October appears to have had little or no effect on consumers," said Fabian Linden, executive director of the Conference Board's consumer research center.@@@@1@30@@oe@2-2-2013
20141003@unknown@formal@none@1@S@"Survey returns received after the drop in the Dow Jones average were about the same as the views expressed prior to that event."@@@@1@23@@oe@2-2-2013
20141004@unknown@formal@none@1@S@The nonprofit, industry-supported group said its Consumer Confidence Index was 116.4 in October, barely changed from a revised 116.3 in September.@@@@1@21@@oe@2-2-2013
20141005@unknown@formal@none@1@S@The index was 116.9 in October 1988 and in the past year has ranged from a low of 112.9 to a high of 120.7.@@@@1@24@@oe@2-2-2013
20141006@unknown@formal@none@1@S@It uses a base of 100 in 1985.@@@@1@8@@oe@2-2-2013
20141007@unknown@formal@none@1@S@In October, more people said that present business conditions were "good" than in September.@@@@1@14@@oe@2-2-2013
20141008@unknown@formal@none@1@S@An equal number in each month said that employment conditions were good.@@@@1@12@@oe@2-2-2013
20141009@unknown@formal@none@1@S@And 19.6% of consumers contacted believed business conditions will improve in the coming six months, compared with 18.3% in September.@@@@1@20@@oe@2-2-2013
20141010@unknown@formal@none@1@S@Also, more people said conditions will worsen in the period.@@@@1@10@@oe@2-2-2013
20141011@unknown@formal@none@1@S@(Fewer said conditions won't change.)@@@@1@5@@oe@2-2-2013
20141012@unknown@formal@none@1@S@In October 1988, 21.1% said business conditions would improve.@@@@1@9@@oe@2-2-2013
20141013@unknown@formal@none@1@S@In October 1989, 16.9% said more jobs will be created in the coming six months, compared with 17.4% in September and 18.6% in October 1988.@@@@1@25@@oe@2-2-2013
20141014@unknown@formal@none@1@S@Only 26.8% in October, compared with 28.5% in September and 26.8% in October 1988, said income would increase.@@@@1@18@@oe@2-2-2013
20141015@unknown@formal@none@1@S@"The sustained level of confidence can be attributed to the continued favorable circumstances which affect the consumer's day-to-day economic life," said Mr. Linden.@@@@1@23@@oe@2-2-2013
20141016@unknown@formal@none@1@S@"Unemployment continues at a relatively low level, providing a sense of job security, and a low inflation rate has kept the purchasing power of the weekly paycheck reasonably strong."@@@@1@29@@oe@2-2-2013
20141017@unknown@formal@none@1@S@The consumer confidence survey, covering 5,000 U.S. households, is conducted in the first two weeks of each month for the Conference Board by National Family Opinion Inc., a Toledo, Ohio, market researcher.@@@@1@32@@oe@2-2-2013
20141018@unknown@formal@none@1@S@Buying plans were mixed in October, with fewer households indicating plans to buy cars and more saying they will buy homes and appliances in the coming six months.@@@@1@28@@oe@2-2-2013
20141019@unknown@formal@none@1@S@In October, 6.7% of respondents said they will buy a car, easing from September when 8.1% anticipated a purchase.@@@@1@19@@oe@2-2-2013
20141020@unknown@formal@none@1@S@In October 1988, 7.3% said they would buy a car.@@@@1@10@@oe@2-2-2013
20141021@unknown@formal@none@1@S@Home purchase plans increased to 3.3% from 3.1% in the two recent months.@@@@1@13@@oe@2-2-2013
20141022@unknown@formal@none@1@S@In October 1988, 3.7% said they would buy a house.@@@@1@10@@oe@2-2-2013
20141023@unknown@formal@none@1@S@In 1989, home purchase plans have ranged monthly from 2.9% to 3.7% of respondents.@@@@1@14@@oe@2-2-2013
20141024@unknown@formal@none@1@S@In October, 30.6% said they will buy appliances in the coming six months, compared with 27.4% in September and 26.5% in October 1988.@@@@1@23@@oe@2-2-2013
20142001@unknown@formal@none@1@S@Despite a deluge of economic news, the Treasury market remained quiet but the corporate market was abuzz over International Business Machines Corp.'s huge debt offering.@@@@1@25@@oe@2-2-2013
20142002@unknown@formal@none@1@S@"There were so many economic reports but the market didn't care about any of them," said Kathleen Camilli, a money market economist at Drexel Burnham Lambert Inc.@@@@1@27@@oe@2-2-2013
20142003@unknown@formal@none@1@S@"So the focus turned to other fixed-income markets, corporate and mortgages in particular," she said.@@@@1@15@@oe@2-2-2013
20142004@unknown@formal@none@1@S@IBM, the giant computer maker, offered $750 million of non-callable 30-year debentures priced to yield 8.47%, or about 1/2 percentage point higher than the yield on 30-year Treasury bonds.@@@@1@29@@oe@2-2-2013
20142005@unknown@formal@none@1@S@The size of IBM's issue was increased from an originally planned $500 million as money managers and investors scrambled to buy the bonds.@@@@1@23@@oe@2-2-2013
20142006@unknown@formal@none@1@S@In the investment-grade corporate market, "it's rare that you get an opportunity to buy a name that has such broad appeal and has such attractive call features," said James Ednie, a Drexel industrial bond trader.@@@@1@35@@oe@2-2-2013
20142007@unknown@formal@none@1@S@Money managers ranked IBM's offering as the most significant investment-grade sale of the year because large issues of long-term debt by companies with triple-A credit are infrequent.@@@@1@27@@oe@2-2-2013
20142008@unknown@formal@none@1@S@Syndicate officials at lead underwriter Salomon Brothers Inc. said the debentures were snapped by up pension funds, banks, insurance companies and other institutional investors.@@@@1@24@@oe@2-2-2013
20142009@unknown@formal@none@1@S@In the Treasury market, investors paid scant attention to the day's economic reports, which for the most part provided a mixed view of the economy.@@@@1@25@@oe@2-2-2013
20142010@unknown@formal@none@1@S@"Whether you thought the economy was growing weak or holding steady, yesterday's economic indicators didn't change your opinion," said Charles Lieberman, a managing director at Manufacturers Hanover Securities Corp.@@@@1@29@@oe@2-2-2013
20142011@unknown@formal@none@1@S@The government reported that orders for manufactured goods were essentially unchanged in September while construction spending was slightly lower.@@@@1@19@@oe@2-2-2013
20142012@unknown@formal@none@1@S@Both indicators were viewed as signs that the nation's industrial sector is growing very slowly, if at all.@@@@1@18@@oe@2-2-2013
20142013@unknown@formal@none@1@S@A survey by the Federal Reserve's 12 district banks and the latest report by the National Association of Purchasing Management blurred that picture of the economy.@@@@1@26@@oe@2-2-2013
20142014@unknown@formal@none@1@S@In a monthly report prepared for use at the Fed's next Federal Open Market Committee meeting on Nov. 14., the nation's central bank found that price increases have moderated and economic activity has grown at a sluggish pace in recent weeks.@@@@1@41@@oe@2-2-2013
20142015@unknown@formal@none@1@S@Among other things, the survey found that manufacturing activity varied considerably across districts and among industries.@@@@1@16@@oe@2-2-2013
20142016@unknown@formal@none@1@S@The Philadelphia and Cleveland districts, for example, reported declines in manufacturing activity while the Boston, Dallas and San Francisco banks noted that business expanded.@@@@1@24@@oe@2-2-2013
20142017@unknown@formal@none@1@S@The purchasing managers index of economic activity rose in October, although it remains below 50%.@@@@1@15@@oe@2-2-2013
20142018@unknown@formal@none@1@S@A reading below 50% indicates that the manufacturing sector is slowing while a reading above 50% suggests that the industry is expanding.@@@@1@22@@oe@2-2-2013
20142019@unknown@formal@none@1@S@Mr. Lieberman said the diverse showing in yesterday's reports "only enhances the importance of the employment data."@@@@1@17@@oe@2-2-2013
20142020@unknown@formal@none@1@S@The employment report, which at times has caused wide swings in bond prices, is due out tomorrow.@@@@1@17@@oe@2-2-2013
20142021@unknown@formal@none@1@S@The average estimate of 22 economists polled by Dow Jones Capital Markets Report was that non-farm payrolls expanded by 152,000 in October.@@@@1@22@@oe@2-2-2013
20142022@unknown@formal@none@1@S@The economists forecast a 0.1% rise in the unemployment rate to 5.4%.@@@@1@12@@oe@2-2-2013
20142023@unknown@formal@none@1@S@Treasury Securities@@@@1@2@@oe@2-2-2013
20142024@unknown@formal@none@1@S@In a surprise announcement, the Treasury said it will reopen the outstanding benchmark 30-year bond rather than create a new one for next week's quarterly refunding of the federal debt.@@@@1@30@@oe@2-2-2013
20142025@unknown@formal@none@1@S@The Treasury will raise $10 billion in fresh cash by selling $30 billion of securities, including $10 billion of new three-year notes and $10 billion of new 10-year notes.@@@@1@29@@oe@2-2-2013
20142026@unknown@formal@none@1@S@But rather than sell new 30-year bonds, the Treasury will issue $10 billion of 29year, nine-month bonds -- essentially increasing the size of the current benchmark 30-year bond that was sold at the previous refunding in August.@@@@1@37@@oe@2-2-2013
20142027@unknown@formal@none@1@S@Credit market analysts said the decision to reopen the current benchmark, the 8 1/8% bond due August 2019, is unusual because the issue trades at a premium to its face amount.@@@@1@31@@oe@2-2-2013
20142028@unknown@formal@none@1@S@Some dealers said the Treasury's intent is to help government bond dealers gauge investor demand for the securities, given uncertainties about when the auction will occur.@@@@1@26@@oe@2-2-2013
20142029@unknown@formal@none@1@S@The Treasury said the refunding is contingent upon congressional and presidential passage of an increase in the federal debt ceiling.@@@@1@20@@oe@2-2-2013
20142030@unknown@formal@none@1@S@Until such action takes places, the Treasury has no ability to issue new debt of any kind.@@@@1@17@@oe@2-2-2013
20142031@unknown@formal@none@1@S@Meanwhile, Treasury bonds ended modestly higher in quiet trading.@@@@1@9@@oe@2-2-2013
20142032@unknown@formal@none@1@S@The benchmark 30-year bond about 1/4 point, or $2.50 for each $1,000 face amount.@@@@1@14@@oe@2-2-2013
20142033@unknown@formal@none@1@S@The benchmark was priced at 102 22/32 to yield 7.88% compared with 102 12/32 to yield 7.90% Tuesday.@@@@1@18@@oe@2-2-2013
20142034@unknown@formal@none@1@S@The latest 10-year notes were quoted at 100 22/32 to yield 7.88% compared with 100 16/32 to yield 7.90%.@@@@1@19@@oe@2-2-2013
20142035@unknown@formal@none@1@S@The discount rate on three-month Treasury bills was essentially unchanged at 7.79%, while the rate on six-month bills was slightly lower at 7.52% compared with 7.60% Tuesday.@@@@1@27@@oe@2-2-2013
20142036@unknown@formal@none@1@S@Corporate Issues@@@@1@2@@oe@2-2-2013
20142037@unknown@formal@none@1@S@IBM's $750 million debenture offering dominated activity in the corporate debt market.@@@@1@12@@oe@2-2-2013
20142038@unknown@formal@none@1@S@Meanwhile, most investment-grade bonds ended unchanged to as much as 1/8 point higher.@@@@1@13@@oe@2-2-2013
20142039@unknown@formal@none@1@S@In its latest compilation of performance statistics, Moody's Investors Service found that investment-grade bonds posted a total return of 2.7% in October while junk bonds showed a negative return of 1.5%.@@@@1@31@@oe@2-2-2013
20142040@unknown@formal@none@1@S@Moody's said those returns compare with a 3.8% total return for longer-term Treasury notes and bonds.@@@@1@16@@oe@2-2-2013
20142041@unknown@formal@none@1@S@Total return measures price changes and interest income.@@@@1@8@@oe@2-2-2013
20142042@unknown@formal@none@1@S@For the year to date, Moody's said total returns were topped by the 16.5% of longer-term Treasury issues, closely followed by 15% for investment-grade bonds.@@@@1@25@@oe@2-2-2013
20142043@unknown@formal@none@1@S@Junk bonds trailed the group again.@@@@1@6@@oe@2-2-2013
20142044@unknown@formal@none@1@S@"Even the 7.2% return from the risk-free three-month Treasury bill has easily outdistanced the 4.1% return from junk bonds," wrote Moody's economist John Lonski in yesterday's market report.@@@@1@28@@oe@2-2-2013
20142045@unknown@formal@none@1@S@"Little wonder that buyers for junk have been found wanting," he said.@@@@1@12@@oe@2-2-2013
20142046@unknown@formal@none@1@S@Moody's said the average net asset value of 24 junk-bond mutual funds fell by 4.2% in October.@@@@1@17@@oe@2-2-2013
20142047@unknown@formal@none@1@S@Mortgage-Backed Issues@@@@1@2@@oe@2-2-2013
20142048@unknown@formal@none@1@S@Mortgage securities ended slightly higher but trailed gains in the Treasury market.@@@@1@12@@oe@2-2-2013
20142049@unknown@formal@none@1@S@Ginnie Mae's 9% issue for November delivery finished at 98 5/8, up 2/32, and its 9 1/2% issue at 100 22/32, also up 2/32.@@@@1@24@@oe@2-2-2013
20142050@unknown@formal@none@1@S@The Ginnie Mae 9% securities were yielding 9.32% to a 12-year average life.@@@@1@13@@oe@2-2-2013
20142051@unknown@formal@none@1@S@Activity was light in derivative markets, with no new issues priced.@@@@1@11@@oe@2-2-2013
20142052@unknown@formal@none@1@S@Municipal Issues@@@@1@2@@oe@2-2-2013
20142053@unknown@formal@none@1@S@Municipal bonds were mostly unchanged to up 1/8 point in light, cautious trading prior to tomorrow's unemployment report.@@@@1@18@@oe@2-2-2013
20142054@unknown@formal@none@1@S@A $114 million issue of health facility revenue bonds from the California Health Facilities Financing Authority was temporarily withdrawn after being tentatively priced by a First Boston Corp. group.@@@@1@29@@oe@2-2-2013
20142055@unknown@formal@none@1@S@An official for the lead underwriter declined to comment on the reason for the delay, but market participants speculated that a number of factors, including a lack of investor interest, were responsible.@@@@1@32@@oe@2-2-2013
20142056@unknown@formal@none@1@S@The issue could be relaunched, possibly in a restructured form, as early as next week, according to the lead underwriter.@@@@1@20@@oe@2-2-2013
20142057@unknown@formal@none@1@S@A $107.03 million offering of Santa Ana Community Redevelopment Agency, Calif., tax allocation bonds got off to a slow start and may be repriced at lower levels today, according to an official with lead underwriter Donaldson Lufkin & Jenrette Securities Corp.@@@@1@41@@oe@2-2-2013
20142058@unknown@formal@none@1@S@The Santa Ana bonds were tentatively priced to yield from 6.40% in 1991 to 7.458% in@@@@1@16@@oe@2-2-2013
20142059@unknown@formal@none@1@S@Bucking the market trend, an issue of $130 million general obligation distributable state aid bonds from Detroit, Mich., apparently drew solid investor interest.@@@@1@23@@oe@2-2-2013
20142060@unknown@formal@none@1@S@They were tentatively priced to yield from 6.20% in 1991 to 7.272% in@@@@1@13@@oe@2-2-2013
20142061@unknown@formal@none@1@S@Foreign Bond@@@@1@2@@oe@2-2-2013
20142062@unknown@formal@none@1@S@West German dealers said there was little interest in Treasury bonds ahead of Thursday's new government bond issue.@@@@1@18@@oe@2-2-2013
20142063@unknown@formal@none@1@S@So far, they said, investors appear unenthusiastic about the new issue which might force the government to raise the coupon to more than 7%.@@@@1@24@@oe@2-2-2013
20142064@unknown@formal@none@1@S@It is generally expected to be the usual 10-year, four billion mark issue.@@@@1@13@@oe@2-2-2013
20142065@unknown@formal@none@1@S@Rumors to the contrary have been that it would be a six billion mark issue, or that the last Bund, a 7% issue due October 1999, would be increased by two billion marks.@@@@1@33@@oe@2-2-2013
20142066@unknown@formal@none@1@S@Elsewhere:@@@@1@1@@oe@2-2-2013
20142067@unknown@formal@none@1@S@-- In Japan, the benchmark No. 111 4.6% issue due 1998 ended on brokers screens unchanged at 95.09 to yield 5.435%.@@@@1@21@@oe@2-2-2013
20142068@unknown@formal@none@1@S@-- In Britain, the benchmark 11 3/4% bond due 2003/2007 fell 14/32 to 111 2/32 to yield 10.19%.@@@@1@18@@oe@2-2-2013
20142069@unknown@formal@none@1@S@The 12% notes due 1995 fell 9/32 to 103 3/8 to yield 11.10%.@@@@1@13@@oe@2-2-2013
20143001@unknown@formal@none@1@S@Standard & Poor's Corp. lowered to double-C from triple-C the rating on about $130 million of debt.@@@@1@17@@oe@2-2-2013
20143002@unknown@formal@none@1@S@The rating concern said the textile and clothing company's interest expense exceeds operating profit "by a wide margin" and it noted United's estimated after-tax loss of $24 million for the year ended June 30.@@@@1@34@@oe@2-2-2013
20144001@unknown@formal@none@1@S@Travelers Corp.'s third-quarter net income rose 11%, even though claims stemming from Hurricane Hugo reduced results $40 million.@@@@1@18@@oe@2-2-2013
20144002@unknown@formal@none@1@S@Net advanced to $94.2 million, or 89 cents a share, from $85 million, or 83 cents a share, including net realized investment gains of $31 million, up from $10 million a year ago.@@@@1@33@@oe@2-2-2013
20144003@unknown@formal@none@1@S@But revenue declined to $3 billion from $3.2 billion.@@@@1@9@@oe@2-2-2013
20144004@unknown@formal@none@1@S@Travelers estimated that the California earthquake last month will result in a fourth-quarter pre-tax charge of less than $10 million.@@@@1@20@@oe@2-2-2013
20144005@unknown@formal@none@1@S@The insurer's earnings from commercial property/casualty lines fell 59% in the latest quarter, while it lost $7.2 million in its personal property/casualty business, compared with earnings of $6.1 million a year ago.@@@@1@32@@oe@2-2-2013
20144006@unknown@formal@none@1@S@Travelers's employee benefits group, which includes its group health insurance operations, posted earnings of $24 million, compared with a loss of $3 million last year.@@@@1@25@@oe@2-2-2013
20144007@unknown@formal@none@1@S@In the first nine months, net was $306 million, compared with a loss of $195 million in the 1988 period.@@@@1@20@@oe@2-2-2013
20144008@unknown@formal@none@1@S@The year-ago results included a $415 million charge in the 1988 second quarter for underperforming real estate and mortgage loans.@@@@1@20@@oe@2-2-2013
20145001@unknown@formal@none@1@S@The British Department of Trade and Industry ordered an investigation of the competitive impact of Michelin Tyre PLC's planned acquisition of National Tyre Service Ltd.@@@@1@25@@oe@2-2-2013
20145002@unknown@formal@none@1@S@The department said it referred the takeover to the Monopolies and Mergers Commission because of the purchase's possible effects on the U.K. market for distribution of replacement tires.@@@@1@28@@oe@2-2-2013
20145003@unknown@formal@none@1@S@BTR PLC, a U.K. industrial conglomerate, said in June it had sold its National Tyre Service business to Michelin Investment Ltd., a U.K. unit of the tire maker, for #140 million ($221.4 million).@@@@1@33@@oe@2-2-2013
20145004@unknown@formal@none@1@S@Michelin Tyre is a unit of France's Michelin S.A.@@@@1@9@@oe@2-2-2013
20145005@unknown@formal@none@1@S@Michelin officials couldn't immediately comment on the referral, but they noted the purchase from BTR has already been concluded.@@@@1@19@@oe@2-2-2013
20145006@unknown@formal@none@1@S@National Tyre, which has 420 branches throughout the U.K., had 1988 pretax profit of #8.5 million.@@@@1@16@@oe@2-2-2013
20146001@unknown@formal@none@1@S@Rep. John Dingell, an important sponsor of President Bush's clean-air bill, plans to unveil a surprise proposal that would break with the White House on a centerpiece issue: acid rain.@@@@1@30@@oe@2-2-2013
20146002@unknown@formal@none@1@S@The Michigan Democrat's proposal, which is expected today, is described by government sources and lobbyists as significantly weaker than the Bush administration's plan to cut utility emissions that lead to acid rain.@@@@1@32@@oe@2-2-2013
20146003@unknown@formal@none@1@S@The administration's plan could cost utilities, mainly those that use coal, up to $4 billion a year.@@@@1@17@@oe@2-2-2013
20146004@unknown@formal@none@1@S@The proposal comes as a surprise even to administration officials and temporarily throws into chaos the House's work on clean-air legislation.@@@@1@21@@oe@2-2-2013
20146005@unknown@formal@none@1@S@As chairman of the House Energy and Commerce Committee, Mr. Dingell has almost single-handed control over clean-air legislation.@@@@1@18@@oe@2-2-2013
20146006@unknown@formal@none@1@S@People close to the utility industry said Mr. Dingell's proposal appears to guarantee only an estimated seven-million-ton cut in annual sulfur-dioxide emissions that lead to acid rain, though additional cuts could be ordered later.@@@@1@34@@oe@2-2-2013
20146007@unknown@formal@none@1@S@Mr. Bush's legislative package promises to cut emissions by 10 million tons -- basically in half -- by the year 2000.@@@@1@21@@oe@2-2-2013
20146008@unknown@formal@none@1@S@Although final details weren't available, sources said the Dingell plan would abandon the president's proposal for a cap on utilities' sulfur-dioxide emissions.@@@@1@22@@oe@2-2-2013
20146009@unknown@formal@none@1@S@That proposal had been hailed by environmentalists but despised by utilities because they feared it would limit their growth.@@@@1@19@@oe@2-2-2013
20146010@unknown@formal@none@1@S@It also would junk an innovative market-based system for trading emissions credits among polluters.@@@@1@14@@oe@2-2-2013
20146011@unknown@formal@none@1@S@In addition, it is believed to offer a cost-sharing mechanism that would help subsidize the clean-up costs for the dirtiest coal-fired utilities in the country, sparing their customers from exorbitant jumps in their electric bills.@@@@1@35@@oe@2-2-2013
20146012@unknown@formal@none@1@S@The administration, sticking to its vow of avoiding tax increases, has staunchly opposed cost-sharing.@@@@1@14@@oe@2-2-2013
20146013@unknown@formal@none@1@S@Mr. Dingell's staff was expected to present its acid-rain alternative to other committee members, apparently in an attempt to appease Midwestern lawmakers from high-polluting states who insist on cost-sharing.@@@@1@29@@oe@2-2-2013
20146014@unknown@formal@none@1@S@It isn't clear, however, whether support for the proposal will be broad enough to pose a serious challenge to the White House's acid-rain plan.@@@@1@24@@oe@2-2-2013
20146015@unknown@formal@none@1@S@While the new proposal might appeal to the dirtiest utilities, it might not win the support of utilities, many in the West, that already have added expensive cleanup equipment or burn cleaner-burning fuels.@@@@1@33@@oe@2-2-2013
20146016@unknown@formal@none@1@S@Lawmakers representing some of the cleaner utilities have been quietly working with the White House to devise ways to tinker with the administration bill to address their acid-rain concerns.@@@@1@29@@oe@2-2-2013
20147001@unknown@formal@none@1@S@American City Business Journals Inc. said its president, Michael K. Russell, will resign rather than relocate to new headquarters in Charlotte, N.C.@@@@1@22@@oe@2-2-2013
20147002@unknown@formal@none@1@S@Mr. Russell, who co-founded the Kansas City, Mo.-based local business publications concern here, said he would have a five-year consulting agreement with the company, which recently underwent an ownership change.@@@@1@30@@oe@2-2-2013
20147003@unknown@formal@none@1@S@Earlier this year Shaw Publishing Inc., Charlotte, acquired 30% of American City and has an agreement to acquire a further 25% from E.W. Scripps Co. next year.@@@@1@27@@oe@2-2-2013
20147004@unknown@formal@none@1@S@Ray Shaw, chairman of American City, said he would assume Mr. Russell's responsibilities if a successor isn't found this month.@@@@1@20@@oe@2-2-2013
20148001@unknown@formal@none@1@S@A nickname for measures to stop the market from plunging too far too fast.@@@@1@14@@oe@2-2-2013
20148002@unknown@formal@none@1@S@Several moves were taken following the October 1987 crash to coordinate -- and sometimes deliberately disconnect -- the stock and futures markets in times of heightened volatility.@@@@1@27@@oe@2-2-2013
20148003@unknown@formal@none@1@S@On the Big Board, a "side car" is put into effect when the S&P futures rise or fall 12 points.@@@@1@20@@oe@2-2-2013
20148004@unknown@formal@none@1@S@The side car routes program trades into a special computer file that scans for imbalances of buy and sell orders.@@@@1@20@@oe@2-2-2013
20148005@unknown@formal@none@1@S@On the Chicago Mercantile Exchange, S&P 500 futures are not allowed to fall further than 12 points from the previous day's close for half an hour.@@@@1@26@@oe@2-2-2013
20148006@unknown@formal@none@1@S@If, when trading resumes, the S&P futures fall 30 points from the previous day's close, a one-hour trading halt takes effect.@@@@1@21@@oe@2-2-2013
20148007@unknown@formal@none@1@S@Also, the reforms allow the Big Board to halt trading for one hour if the Dow Jones Industrial Average falls 250 points, and for two more hours if the Dow slides an additional 150 points on the same day.@@@@1@39@@oe@2-2-2013
20148008@unknown@formal@none@1@S@DOT System -- The "Designated Order Turnaround" System was launched by the New York Stock Exchange in March 1976, to offer automatic, high-speed order processing.@@@@1@25@@oe@2-2-2013
20148009@unknown@formal@none@1@S@A faster version, the SuperDot, was launched in 1984.@@@@1@9@@oe@2-2-2013
20148010@unknown@formal@none@1@S@Used by program traders and others to zip orders into the exchange, SuperDot handles about 80% of all orders entered at the exchange.@@@@1@23@@oe@2-2-2013
20148011@unknown@formal@none@1@S@Futures Contracts -- Obligations to buy (for those who have purchased a contract) or deliver (for those who sold one) a quantity of the underlying commodity or financial instrument at the agreed-upon price by a certain date.@@@@1@37@@oe@2-2-2013
20148012@unknown@formal@none@1@S@Most contracts are simply nullified by an opposite trade before they come due.@@@@1@13@@oe@2-2-2013
20148013@unknown@formal@none@1@S@Indexing -- Many investors, mainly institutions, follow an investment strategy of buying and holding a mix of stocks to match the performance of a broad stock-market barometer such as the S&P 500.@@@@1@32@@oe@2-2-2013
20148014@unknown@formal@none@1@S@Many institutional index funds are active program traders, swapping their stocks for futures when profitable to do so.@@@@1@18@@oe@2-2-2013
20148015@unknown@formal@none@1@S@Program trading -- A wide range of computer-assisted portfolio trading strategies involving the simultaneous purchase or sale of 15 or more stocks.@@@@1@22@@oe@2-2-2013
20148016@unknown@formal@none@1@S@Quant -- Generally, any Wall Street analyst who employs quantitive research techniques.@@@@1@12@@oe@2-2-2013
20148017@unknown@formal@none@1@S@The newest breed, also called "rocket scientists" because of their backgrounds in physics and mathematics, devise the complex hedging and trading strategies that are popularly known as program trading.@@@@1@29@@oe@2-2-2013
20148018@unknown@formal@none@1@S@Stock-index arbitrage -- Buying or selling baskets of stocks while at the same time executing offsetting trades in stock-index futures or options.@@@@1@22@@oe@2-2-2013
20148019@unknown@formal@none@1@S@Traders profit by trying to capture fleeting price discrepancies between stocks and the index futures or options.@@@@1@17@@oe@2-2-2013
20148020@unknown@formal@none@1@S@If stocks are temporarily "cheaper" than futures, for example, an arbitrager will buy stocks and sell futures.@@@@1@17@@oe@2-2-2013
20148021@unknown@formal@none@1@S@Stock-index futures -- Contracts to buy or sell the cash value of a stock index by a certain date.@@@@1@19@@oe@2-2-2013
20148022@unknown@formal@none@1@S@The cash value is determined by multiplying the index number by a specified amount.@@@@1@14@@oe@2-2-2013
20148023@unknown@formal@none@1@S@The most common program-trading vehicles are futures contracts on Standard & poor's 500-stock index (traded on the Chicago Mercantile Exchange); the Major Market Index, a 20-stock index that mimics the Dow Jones Industrial Average (traded on the chicago Board of Trade); and the S&P 100 options (traded on the Chicago Board Options Exchange, and based on 100 stocks selected from the S&P 500).@@@@1@63@@oe@2-2-2013
20148024@unknown@formal@none@1@S@Stock-index options -- Options give holders the right, but not the obligation, to buy (a call) or sell (a put) a specified amount of an underlying investment by a certin date at a preset price, known as the strike price.@@@@1@40@@oe@2-2-2013
20148025@unknown@formal@none@1@S@For stock indexes, the underlying investment may be a stock-index futures contract or the cash value of a stock index.@@@@1@20@@oe@2-2-2013
20148026@unknown@formal@none@1@S@For example, there are options on the S&P 500 futures contract and on the S&P 100 index.@@@@1@17@@oe@2-2-2013
20148027@unknown@formal@none@1@S@Uptick -- An expression signifying that a transaction in a listed security occurred at a higher price than the previous transaction in that security.@@@@1@24@@oe@2-2-2013
20149001@unknown@formal@none@1@S@New York financier Saul Steinberg sought federal permission to buy more than 15% of United Airlines' parent, UAL Corp., saying he might seek control of the nation's second-largest airline.@@@@1@29@@oe@2-2-2013
20149002@unknown@formal@none@1@S@Although takeover experts said they doubted Mr. Steinberg will make a bid by himself, the application by his Reliance Group Holdings Inc. could signal his interest in helping revive a failed labor-management bid.@@@@1@33@@oe@2-2-2013
20149003@unknown@formal@none@1@S@Such an application for federal antitrust clearance is necessary for any investor that might seek control.@@@@1@16@@oe@2-2-2013
20149004@unknown@formal@none@1@S@But some investors have used such filings to boost the value of their stock holdings, which -- without buying more stock -- they then sold.@@@@1@25@@oe@2-2-2013
20149005@unknown@formal@none@1@S@Takeover stock traders were puzzled by the Reliance filing and cautioned that it doesn't mean Mr. Steinberg will definitely seek control.@@@@1@21@@oe@2-2-2013
20149006@unknown@formal@none@1@S@"Maybe he just wants to make something happen," said one takeover expert.@@@@1@12@@oe@2-2-2013
20149007@unknown@formal@none@1@S@One investment banker said Mr. Steinberg may be trying to position himself as a friendly investor who could help UAL Chairman Stephen Wolf revive a failed labor-management bid.@@@@1@28@@oe@2-2-2013
20149008@unknown@formal@none@1@S@Mr. Steinberg, he suggested, could replace British Airways PLC, which has withdrawn from the buy-out group.@@@@1@16@@oe@2-2-2013
20149009@unknown@formal@none@1@S@Reliance had already bought and sold UAL stock at a big profit without making an antitrust filing before the collapse Oct. 13 of the $6.79 billion, $300-a-share labor-management buy-out.@@@@1@29@@oe@2-2-2013
20149010@unknown@formal@none@1@S@Reliance acquired a 7% UAL stake early this year at an average cost of $110 a share, and reduced its stake to 4.7% after UAL accepted the bid at prices higher than $282 a share.@@@@1@35@@oe@2-2-2013
20149011@unknown@formal@none@1@S@Market sources said Reliance has already sold its entire UAL stake, and thus wouldn't have any reason to file the application simply to boost the value of its stock.@@@@1@29@@oe@2-2-2013
20149012@unknown@formal@none@1@S@But the exact amount of Reliance's current holding hasn't been formally disclosed.@@@@1@12@@oe@2-2-2013
20149013@unknown@formal@none@1@S@The filing adds a new twist to market speculation that Coniston Partners, a New York money manager, has bought more than 5% of UAL stock and may challenge the UAL board's decision last week to remain independent.@@@@1@37@@oe@2-2-2013
20149014@unknown@formal@none@1@S@Speculation about Coniston has caused the stock to rebound from a low of $145.@@@@1@14@@oe@2-2-2013
20149015@unknown@formal@none@1@S@UAL's announcement came after the market closed yesterday.@@@@1@8@@oe@2-2-2013
20149016@unknown@formal@none@1@S@In composite New York Stock Exchange trading, the shares closed at $177, up $1.50.@@@@1@14@@oe@2-2-2013
20149017@unknown@formal@none@1@S@UAL wouldn't elaborate on a statement that it had been notified of the filing by Reliance.@@@@1@16@@oe@2-2-2013
20149018@unknown@formal@none@1@S@Reliance confirmed the filing but wouldn't elaborate.@@@@1@7@@oe@2-2-2013
20149019@unknown@formal@none@1@S@Some takeover experts were skeptical, saying it was possible that Mr. Steinberg made the filing only to help boost the value of any remaining Reliance stake in UAL.@@@@1@28@@oe@2-2-2013
20149020@unknown@formal@none@1@S@Mr. Steinberg is thought to be on friendly terms with UAL's Mr. Wolf.@@@@1@13@@oe@2-2-2013
20149021@unknown@formal@none@1@S@The investor was instrumental in tapping Mr. Wolf to run the air cargo unit of Tiger International Inc.@@@@1@18@@oe@2-2-2013
20149022@unknown@formal@none@1@S@Mr. Wolf's success in that job helped him land the top job with UAL in December 1987.@@@@1@17@@oe@2-2-2013
20149023@unknown@formal@none@1@S@But any potential acquirer must attempt to reach some kind of accord with the company's employees, primarily its pilots and the powerful machinists' union, which has opposed a takeover.@@@@1@29@@oe@2-2-2013
20150001@unknown@formal@none@1@S@A.L. Williams Corp. was merged into Primerica Corp., New York, after a special meeting of Williams shareholders cleared the transaction, the companies said.@@@@1@23@@oe@2-2-2013
20150002@unknown@formal@none@1@S@Primerica, which had owned nearly 70% of Williams, will pay about 16.7 million shares, currently valued at almost $472 million, for the rest of Williams.@@@@1@25@@oe@2-2-2013
20150003@unknown@formal@none@1@S@The financial-services company will pay 0.82 share for each Williams share.@@@@1@11@@oe@2-2-2013
20150004@unknown@formal@none@1@S@Williams shares, which were to be delisted from the New York Stock Exchange after the close of composite trading yesterday, closed at $23.25, off 12.5 cents.@@@@1@26@@oe@2-2-2013
20150005@unknown@formal@none@1@S@Primerica closed at $28.25, down 50 cents.@@@@1@7@@oe@2-2-2013
20150006@unknown@formal@none@1@S@Williams, Duluth, Ga., is an insurance and financial-services holding company.@@@@1@10@@oe@2-2-2013
20150007@unknown@formal@none@1@S@Its subsidiaries' services are marketed by closely held A.L. Williams & Associates.@@@@1@12@@oe@2-2-2013
20150008@unknown@formal@none@1@S@Primerica, as expected, also acquired certain assets of the agency and assumed certain of its liabilities.@@@@1@16@@oe@2-2-2013
20150009@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
20151001@unknown@formal@none@1@S@Intelogic Trace Inc., San Antonio, Texas, said it bought 2.7 million shares, or about 18%, of its common stock from an unaffiliated shareholder for $3.625 a share, or $9.9 million.@@@@1@30@@oe@2-2-2013
20151002@unknown@formal@none@1@S@The move boosts Intelogic Chairman Asher Edelman's stake to 20% from 16.2% and may help prevent Martin Ackerman from making a run at the computer-services concern.@@@@1@26@@oe@2-2-2013
20151003@unknown@formal@none@1@S@Mr. Ackerman already is seeking to oust Mr. Edelman as chairman of Datapoint Corp., an Intelogic affiliate.@@@@1@17@@oe@2-2-2013
20151004@unknown@formal@none@1@S@The action followed by one day an Intelogic announcement that it will retain an investment banker to explore alternatives "to maximize shareholder value," including the possible sale of the company.@@@@1@30@@oe@2-2-2013
20151005@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, Intelogic shares rose 37.5 cents to close at $2.75.@@@@1@17@@oe@2-2-2013
20151006@unknown@formal@none@1@S@Mr. Edelman declined to specify what prompted the recent moves, saying they are meant only to benefit shareholders when "the company is on a roll."@@@@1@25@@oe@2-2-2013
20151007@unknown@formal@none@1@S@He added, "This has nothing to do with Marty Ackerman and it is not designed, particularly, to take the company private."@@@@1@21@@oe@2-2-2013
20151008@unknown@formal@none@1@S@But Mr. Ackerman said the buy-back, and the above-market price paid, prove that Mr. Edelman is running scared.@@@@1@18@@oe@2-2-2013
20152001@unknown@formal@none@1@S@Dow Jones & Co. said it extended its $18-a-share offer for Telerate Inc. common stock until 5 p.m. EST Nov. 9.@@@@1@21@@oe@2-2-2013
20152002@unknown@formal@none@1@S@The offer, valued at about $576 million for the 33% of Telerate that Dow Jones doesn't already own, had been set to expire Nov. 6.@@@@1@25@@oe@2-2-2013
20152003@unknown@formal@none@1@S@Dow Jones, which owns about 64 million of Telerate's 95 million common shares outstanding, said that about 24,000 shares have been tendered under its offer.@@@@1@25@@oe@2-2-2013
20152004@unknown@formal@none@1@S@Telerate's two independent directors have rejected the offer as inadequate.@@@@1@10@@oe@2-2-2013
20152005@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, Telerate shares closed at $19.50, up 12.5 cents.@@@@1@17@@oe@2-2-2013
20152006@unknown@formal@none@1@S@Telerate provides an electronic financial information network.@@@@1@7@@oe@2-2-2013
20152007@unknown@formal@none@1@S@Dow Jones publishes The Wall Street Journal, Barron's magazine, and community newspapers and operates financial news services and computer data bases.@@@@1@21@@oe@2-2-2013
20153001@unknown@formal@none@1@S@Rockwell International Corp. reported flat operating earnings for the fourth quarter ended Sept. 30.@@@@1@14@@oe@2-2-2013
20153002@unknown@formal@none@1@S@The aerospace, automotive supply, electronics and printing-press concern also indicated that the first half of fiscal 1990 could be rough.@@@@1@20@@oe@2-2-2013
20153003@unknown@formal@none@1@S@In an interview, Donald Beall, chairman, said first-half profit certainly would trail the past year's, primarily because of weakness in the heavy-truck and passenger-car markets.@@@@1@25@@oe@2-2-2013
20153004@unknown@formal@none@1@S@Still, he added, if the industrial sector remains relatively stable, Rockwell should be able to recover in the second half and about equal fiscal 1989's operating profit of $630.9 million.@@@@1@30@@oe@2-2-2013
20153005@unknown@formal@none@1@S@For fiscal 1989's fourth quarter, Rockwell's net income totaled $126.1 million, or 50 cents a share.@@@@1@16@@oe@2-2-2013
20153006@unknown@formal@none@1@S@That compares with operating earnings of $132.9 million, or 49 cents a share, the year earlier.@@@@1@16@@oe@2-2-2013
20153007@unknown@formal@none@1@S@The prior-year period includes a one-time favorable tax adjustment on the B-1B bomber program and another gain from sale of the industrial sewing-machine business, which made net $185.9 million, or 70 cents a share.@@@@1@34@@oe@2-2-2013
20153008@unknown@formal@none@1@S@Sales rose 4% to $3.28 billion from $3.16 billion.@@@@1@9@@oe@2-2-2013
20153009@unknown@formal@none@1@S@Mr. Beall said that he was generally pleased with the latest numbers and cited a particularly strong showing by the company's electronics segment.@@@@1@23@@oe@2-2-2013
20153010@unknown@formal@none@1@S@Overall, pretax electronics earnings soared 12% to $107.9 million from $96.4 million.@@@@1@12@@oe@2-2-2013
20153011@unknown@formal@none@1@S@All four areas had higher revenue for the three months ended Sept. 30.@@@@1@13@@oe@2-2-2013
20153012@unknown@formal@none@1@S@For the year, electronics emerged as Rockwell's largest sector in terms of sales and earnings, muscling out aerospace for the first time.@@@@1@22@@oe@2-2-2013
20153013@unknown@formal@none@1@S@The graphics business, which also was singled out by the chairman as a positive, saw its operating earnings for the quarter jump 79% to $42.1 million from $23.5 million.@@@@1@29@@oe@2-2-2013
20153014@unknown@formal@none@1@S@For the year, bolstered by the introduction of the Colorliner newspaper-printing press, graphics earnings almost doubled.@@@@1@16@@oe@2-2-2013
20153015@unknown@formal@none@1@S@Aerospace earnings sagged 37% for the quarter and 15% for the year, largely due to lower B-1B program profit; the last of the bombers rolled out in April 1988.@@@@1@29@@oe@2-2-2013
20153016@unknown@formal@none@1@S@That was partially offset by the resumption of space shuttle flights and increased demand for expendable launch-vehicle engines.@@@@1@18@@oe@2-2-2013
20153017@unknown@formal@none@1@S@The company also took hits in the fourth quarters of 1989 and 1988 on a fixed-price weapons-modernization development program -- probably the C-130 gunship, according to analysts.@@@@1@27@@oe@2-2-2013
20153018@unknown@formal@none@1@S@For fiscal 1989, the company posted net of $734.9 million, or $2.87 a share, down from $811.9 million, or $3.04 a share, in fiscal 1988.@@@@1@25@@oe@2-2-2013
20153019@unknown@formal@none@1@S@Excluding one-time additions to profit in each year, earnings per share were $2.47, up 7.4% from $2.30 in fiscal 1988.@@@@1@20@@oe@2-2-2013
20153020@unknown@formal@none@1@S@Sales for the year rose 5% to $12.52 billion from $11.95 billion in fiscal 1988.@@@@1@15@@oe@2-2-2013
20154001@unknown@formal@none@1@S@Dell Computer Corp. said it cut prices on several of its personal computer lines by 5% to 17%.@@@@1@18@@oe@2-2-2013
20154002@unknown@formal@none@1@S@The Austin, Texas-based company, which specializes in the direct sale of personal computers and accessories, said its price cuts include a $100 reduction on its System 210 computer with 512 kilobytes of memory, a 40-megabyte hard disk and a color monitor.@@@@1@41@@oe@2-2-2013
20154003@unknown@formal@none@1@S@That package now sells for about $2,099.@@@@1@7@@oe@2-2-2013
20154004@unknown@formal@none@1@S@A computer using the more-advanced Intel Corp. 386 microprocessor, with four megabytes of memory and a 100-megabyte hard disk now sells for $5,699, down from $6,799.@@@@1@26@@oe@2-2-2013
20154005@unknown@formal@none@1@S@Personal computer prices for models using the Intel 286 and 386 microprocessors, which the Dell models use, generally have been coming down as chip prices have fallen.@@@@1@27@@oe@2-2-2013
20155001@unknown@formal@none@1@S@World sugar futures prices soared on rumors that Brazil, a major grower and exporter, might not ship sugar this crop year and next.@@@@1@23@@oe@2-2-2013
20155002@unknown@formal@none@1@S@Prices also were boosted by another rumor that Mexico, usually a large producer and exporter, might have to buy a large quantity of sugar.@@@@1@24@@oe@2-2-2013
20155003@unknown@formal@none@1@S@Although traders rushed to buy futures contracts, many remained skeptical about the Brazilian development, which couldn't be confirmed, analysts said.@@@@1@20@@oe@2-2-2013
20155004@unknown@formal@none@1@S@The March and May contracts rose to fresh life-of-contract highs of 14.54 cents and 14.28 cents at their best levels of the day.@@@@1@23@@oe@2-2-2013
20155005@unknown@formal@none@1@S@The March delivery, which has no limits, settled at 14.53 cents, up 0.56 cent a pound.@@@@1@16@@oe@2-2-2013
20155006@unknown@formal@none@1@S@The May contract, which also is without restraints, ended with a gain of 0.54 cent to 14.26 cents.@@@@1@18@@oe@2-2-2013
20155007@unknown@formal@none@1@S@The July delivery rose its daily permissible limit of 0.50 cent a pound to 14.00 cents, while other contract months showed near-limit advances.@@@@1@23@@oe@2-2-2013
20155008@unknown@formal@none@1@S@According to reports carried by various news services, the Brazilian government told its sugar producers that they won't be allowed to export sugar during the current 1989-90 season, which began May 1, and the 1990-91 season so that it can be used to produce alcohol for automobile fuel.@@@@1@48@@oe@2-2-2013
20155009@unknown@formal@none@1@S@One analyst, Arthur Stevenson, of Prudential-Bache Securities, New York, estimated that 65% or more of Brazil's newly made automobiles run on alcohol and can't use gasoline.@@@@1@26@@oe@2-2-2013
20155010@unknown@formal@none@1@S@"This is a demand that must be met, regardless of the price of oil," said Mr. Stevenson.@@@@1@17@@oe@2-2-2013
20155011@unknown@formal@none@1@S@Brazil is the third-largest producer and the fifth-largest exporter of sugar in the world.@@@@1@14@@oe@2-2-2013
20155012@unknown@formal@none@1@S@A shift to producing more alcohol and less sugar had been expected, but the latest news, if true, indicates a more drastic shift than had been anticipated.@@@@1@27@@oe@2-2-2013
20155013@unknown@formal@none@1@S@During the current crop year, Brazil was expected to produce 6.9 million tons of sugar, a drop from 8.1 million tons in 1988-89.@@@@1@23@@oe@2-2-2013
20155014@unknown@formal@none@1@S@Its 1989-90 exports were expected to total 645,000 tons in contrast to shipments of 1.5 million tons in@@@@1@18@@oe@2-2-2013
20155015@unknown@formal@none@1@S@"It is these 645,000 tons that are in question for this crop year," explained Judith Ganes, analyst for Shearson Lehman Hutton, New York.@@@@1@23@@oe@2-2-2013
20155016@unknown@formal@none@1@S@"Producers were granted the right earlier this year to ship sugar and the export licenses were expected to have begun to be issued" yesterday.@@@@1@24@@oe@2-2-2013
20155017@unknown@formal@none@1@S@As a result, Ms. Ganes said, it is believed that little or no sugar from the 1989-90 crop has been shipped yet, even though the crop year is six months old.@@@@1@31@@oe@2-2-2013
20155018@unknown@formal@none@1@S@More than a half of all sugar produced in Brazil goes for alcohol production, according to Ms. Ganes.@@@@1@18@@oe@2-2-2013
20155019@unknown@formal@none@1@S@Also, there has been a switch in the past decade to planting of orange trees in areas that were previously used for cane, and this change is being felt now, she said.@@@@1@32@@oe@2-2-2013
20155020@unknown@formal@none@1@S@Most important, Ms. Ganes noted, "Brazilian officials said that no decision has as yet been made on the suspension of exports."@@@@1@21@@oe@2-2-2013
20155021@unknown@formal@none@1@S@Thomas Oxnard, sugar analyst for PaineWebber in Hackensack, N.J., said: "I am highly skeptical that Brazil will curtail sugar exports, particularly with the price of sugar at over 14 cents a pound."@@@@1@32@@oe@2-2-2013
20155022@unknown@formal@none@1@S@Above all, Mr. Oxnard noted, the situation is extremely confused.@@@@1@10@@oe@2-2-2013
20155023@unknown@formal@none@1@S@"Professional sugar people here who have strong contacts with the Brazilian sugar industry have been unable to confirm the reports or get enough information to clarify the situation," he said.@@@@1@30@@oe@2-2-2013
20155024@unknown@formal@none@1@S@"It's the type of nervous atmosphere in which a report can be put out, such as the one saying exports will be suspended, and no one can confirm it."@@@@1@29@@oe@2-2-2013
20155025@unknown@formal@none@1@S@Mr. Oxnard observed that the situation in Brazil is also very complicated.@@@@1@12@@oe@2-2-2013
20155026@unknown@formal@none@1@S@On the one hand, Brazil started an ethanol program about 15 years ago to fuel a huge portion of its national fleet of cars and is now committed to this program.@@@@1@31@@oe@2-2-2013
20155027@unknown@formal@none@1@S@"It has to weigh, on the other hand, the relatively high price of sugar it can earn on the export market in making decisions as to whether to produce sugar or alcohol," Mr. Oxnard said.@@@@1@35@@oe@2-2-2013
20155028@unknown@formal@none@1@S@Mexico, which is normally a sugar exporter, has had production problems in the past two years, analysts said.@@@@1@18@@oe@2-2-2013
20155029@unknown@formal@none@1@S@Last year, it had to buy sugar on the world market to meet export commitments, they noted.@@@@1@17@@oe@2-2-2013
20155030@unknown@formal@none@1@S@This year it is expected to be a net importer and is said to be seeking to buy about 200,000 tons of sugar to meet internal needs, analysts said.@@@@1@29@@oe@2-2-2013
20155031@unknown@formal@none@1@S@In other commodity markets yesterday:@@@@1@5@@oe@2-2-2013
20155032@unknown@formal@none@1@S@ENERGY:@@@@1@1@@oe@2-2-2013
20155033@unknown@formal@none@1@S@Petroleum futures were generally higher with heating oil leading the way.@@@@1@11@@oe@2-2-2013
20155034@unknown@formal@none@1@S@On the New York Mercantile Exchange, heating oil for December delivery increased 1.25 cents to settle at 60.36 cents a gallon.@@@@1@21@@oe@2-2-2013
20155035@unknown@formal@none@1@S@Gasoline futures were mixed to unchanged.@@@@1@6@@oe@2-2-2013
20155036@unknown@formal@none@1@S@But the strength in heating oil helped push up crude oil.@@@@1@11@@oe@2-2-2013
20155037@unknown@formal@none@1@S@West Texas Intermediate crude for December delivery rose 13 cents a barrel to settle at $20.07.@@@@1@16@@oe@2-2-2013
20155038@unknown@formal@none@1@S@The firmness in heating oil was attributed to colder weather in parts of the U.S. and to the latest weekly report by the American Petroleum Institute, which showed a decline in inventories of the fuel.@@@@1@35@@oe@2-2-2013
20155039@unknown@formal@none@1@S@GRAINS AND SOYBEANS:@@@@1@3@@oe@2-2-2013
20155040@unknown@formal@none@1@S@Prices closed mostly higher in relatively light trading as farmers continued to withhold their crops from the marketplace in the hope of higher prices to come.@@@@1@26@@oe@2-2-2013
20155041@unknown@formal@none@1@S@Trading was muted in part because of the observance of All Saints' Day across much of Europe.@@@@1@17@@oe@2-2-2013
20155042@unknown@formal@none@1@S@Continued export demand also supported prices.@@@@1@6@@oe@2-2-2013
20155043@unknown@formal@none@1@S@As an indicator of the tight grain supply situation in the U.S., market analysts said that late Tuesday the Chinese government, which often buys U.S. grains in quantity, turned instead to Britain to buy 500,000 metric tons of wheat.@@@@1@39@@oe@2-2-2013
20155044@unknown@formal@none@1@S@Traders said prices also were supported by widespread rumors that the Soviet Union is on the verge of receiving most favored nation status from the U.S.@@@@1@26@@oe@2-2-2013
20155045@unknown@formal@none@1@S@That designation would, among other things, provide more generous credit terms under which the Soviets could purchase grain.@@@@1@18@@oe@2-2-2013
20155046@unknown@formal@none@1@S@The Soviets are widely believed to need additional supplies, despite running up record one-month purchases of 310 million bushels of corn in October.@@@@1@23@@oe@2-2-2013
20155047@unknown@formal@none@1@S@COPPER:@@@@1@1@@oe@2-2-2013
20155048@unknown@formal@none@1@S@Futures prices rose, extending Tuesday's gains.@@@@1@6@@oe@2-2-2013
20155049@unknown@formal@none@1@S@The December contract advanced 2.50 cents a pound to $1.1650.@@@@1@10@@oe@2-2-2013
20155050@unknown@formal@none@1@S@Buying for the most part carried over from the previous session, and traders apparently ignored reports that a Chilean mine strike may have ended almost before it began, an analyst said.@@@@1@31@@oe@2-2-2013
20155051@unknown@formal@none@1@S@According to news service reports, most workers at the Disputado mines owned by Exxon Corp. agreed to a new two-year wage contract that includes a 5% increase and other benefits.@@@@1@30@@oe@2-2-2013
20155052@unknown@formal@none@1@S@However, some workers haven't yet accepted the new contract and are continuing negotiations, the analyst said.@@@@1@16@@oe@2-2-2013
20155053@unknown@formal@none@1@S@Separately, Reuter reported that the Papua-New Guinea government urged its Parliament to extend a state of emergency in copper-rich Bougainville Island for two months.@@@@1@24@@oe@2-2-2013
20155054@unknown@formal@none@1@S@The Bougainville copper mine has been inoperative since May 15 because of attacks by native landowners who want Bougainville to secede from Papua-New Guinea.@@@@1@24@@oe@2-2-2013
20156001@unknown@formal@none@1@S@The parent of Younkers, after failing to find a buyer for the chain of Midwestern department stores, said it will sell a stake in the chain to management and take other steps to reduce its investment in retailing.@@@@1@38@@oe@2-2-2013
20156002@unknown@formal@none@1@S@Equitable of Iowa Cos., Des Moines, had been seeking a buyer for the 36-store Younkers chain since June, when it announced its intention to free up capital to expand its insurance business.@@@@1@32@@oe@2-2-2013
20156003@unknown@formal@none@1@S@But Equitable said it was unable to find a buyer willing to pay what it considers "fair value" for Younkers because of recent turmoil in the bond and stock markets and in retailing.@@@@1@33@@oe@2-2-2013
20156004@unknown@formal@none@1@S@Younkers rang up sales in 1988 of $313 million.@@@@1@9@@oe@2-2-2013
20156005@unknown@formal@none@1@S@It operates stores mostly in Iowa and Nebraska.@@@@1@8@@oe@2-2-2013
20156006@unknown@formal@none@1@S@Younkers management is likely to buy a 10% to 20% interest in the chain in January, said Fred S. Hubbell, Equitable's president and chief executive officer.@@@@1@26@@oe@2-2-2013
20156007@unknown@formal@none@1@S@He said Equitable hopes to eventually reduce its stake in Younkers to less than 50%.@@@@1@15@@oe@2-2-2013
20157001@unknown@formal@none@1@S@Tony Lama Co. said that Equus Investment II Limited Partnership has proposed changing the offer for the company to $13.65 in cash and stock from an all-cash transaction.@@@@1@28@@oe@2-2-2013
20157002@unknown@formal@none@1@S@Under terms of the new proposal, Equus, managed by Equus Capital Corp., Houston, would pay $12 cash and one new preferred share with a liquidation preference of $1.65 a share for each of Tony Lama's 2.1 million shares outstanding.@@@@1@39@@oe@2-2-2013
20157003@unknown@formal@none@1@S@Previously, it offered $13.65 a share in cash, or $29 million.@@@@1@11@@oe@2-2-2013
20157004@unknown@formal@none@1@S@The El Paso, Texas, maker of Western boots and leather accessories said the preferred stock would accrue dividends at a 12% rate, but wouldn't be paid for the first two years.@@@@1@31@@oe@2-2-2013
20157005@unknown@formal@none@1@S@The stock would be redeemed in five years, subject to terms of the surviving company's debt.@@@@1@16@@oe@2-2-2013
20157006@unknown@formal@none@1@S@Neither Equus nor Tony Lama gave a reason for the changed offer and Tony Lama couldn't be reached for comment.@@@@1@20@@oe@2-2-2013
20157007@unknown@formal@none@1@S@However, Tony Lama said it would promptly submit the offer to a special committee of the company's board.@@@@1@18@@oe@2-2-2013
20158001@unknown@formal@none@1@S@Reuters Holdings PLC said Michael Reupke resigned as general manager to pursue unspecified interests, a move the news organization termed an "amicable separation."@@@@1@23@@oe@2-2-2013
20158002@unknown@formal@none@1@S@Mr. Reupke, 52 years old and a 27-year Reuters veteran, had been the information-services company's general manager for only six months.@@@@1@21@@oe@2-2-2013
20158003@unknown@formal@none@1@S@His appointment to that post, which has senior administrative, staff and policy responsibilities, followed a several-year tenure as Reuters's editor in chief.@@@@1@22@@oe@2-2-2013
20158004@unknown@formal@none@1@S@No successor was named, and Mr. Reupke's duties will be split among three other senior Reuters executives, the company said.@@@@1@20@@oe@2-2-2013
20158005@unknown@formal@none@1@S@In a telephone interview, Mr. Reupke said his departure was for "personal reasons," which he declined to specify.@@@@1@18@@oe@2-2-2013
20158006@unknown@formal@none@1@S@"There is no business reason for my departure," nor any disagreement over policy, he added.@@@@1@15@@oe@2-2-2013
20158007@unknown@formal@none@1@S@He also rejected reports that his departure stemmed from disappointment the general manager's post hadn't also led to a board directorship at the London-based news organization.@@@@1@26@@oe@2-2-2013
20158008@unknown@formal@none@1@S@Mr. Reupke was one of three executives on Reuters's eight-person executive committee who didn't also serve on the company's board of directors.@@@@1@22@@oe@2-2-2013
20158009@unknown@formal@none@1@S@"If I were choosing the people of tomorrow, I would have chosen the people who are now on the board," he said.@@@@1@22@@oe@2-2-2013
20158010@unknown@formal@none@1@S@A Reuters spokesman said the departure reflects "no change in strategy or profits."@@@@1@13@@oe@2-2-2013
20158011@unknown@formal@none@1@S@Mark Shepperd, an analyst at UBS Phillips & Drew in London, said, "I suspect (the departure) will be fairly irrelevant for the company.@@@@1@23@@oe@2-2-2013
20158012@unknown@formal@none@1@S@I would be very surprised if his departure signals any change in strategy or change in profit expectations."@@@@1@18@@oe@2-2-2013
20158013@unknown@formal@none@1@S@On London's Stock Exchange, Reuters shares rose five pence to 913 pence ($14.43).@@@@1@13@@oe@2-2-2013
20158014@unknown@formal@none@1@S@In the U.S. over-the-counter market, American depositary shares for Reuters, each representing three shares in the London market, closed unchanged at $43.875.@@@@1@22@@oe@2-2-2013
20158015@unknown@formal@none@1@S@The senior of the three executives who will assume Mr. Reupke's duties is Nigel Judah, 58, finance director and a Reuters board director.@@@@1@23@@oe@2-2-2013
20158016@unknown@formal@none@1@S@Peter Holland, 45, deputy general manager, becomes director of corporate affairs.@@@@1@11@@oe@2-2-2013
20158017@unknown@formal@none@1@S@And Patrick Mannix, 46, international technical manager, becomes director of group quality programs.@@@@1@13@@oe@2-2-2013
20159001@unknown@formal@none@1@S@DD Acquisition Corp., a partnership of Unicorp Canada Corp.'s Kingsbridge Capital Group and Cara Operations Ltd., extended to Nov. 20 its $45-a-share offer for all Dunkin' Donuts Inc. shares outstanding.@@@@1@30@@oe@2-2-2013
20159002@unknown@formal@none@1@S@The offer, which was due to expire yesterday, is conditional on 50.1% of Dunkin' common shares, on a fully diluted basis, being tendered and on the withdrawal of the company's poison pill rights plan.@@@@1@34@@oe@2-2-2013
20159003@unknown@formal@none@1@S@DD Acquisition has launched a suit in a Delaware court seeking the withdrawal of Dunkin's poison pill rights and employee stock ownership plans, which it claims were put in place to deter bidders.@@@@1@33@@oe@2-2-2013
20159004@unknown@formal@none@1@S@DD Acquisition said 2.2 million shares, or about 38.5% of the shares outstanding, have been tendered under its offer.@@@@1@19@@oe@2-2-2013
20159005@unknown@formal@none@1@S@The partners said they already hold 15% of all shares outstanding.@@@@1@11@@oe@2-2-2013
20159006@unknown@formal@none@1@S@Dunkin' has set Nov. 10 as the deadline for the receipt of any competing bids.@@@@1@15@@oe@2-2-2013
20159007@unknown@formal@none@1@S@DD Acquisition said the extension is to allow this process to be completed.@@@@1@13@@oe@2-2-2013
20159008@unknown@formal@none@1@S@Dunkin' is based in Randolph, Mass.@@@@1@6@@oe@2-2-2013
20159009@unknown@formal@none@1@S@Cara, a food services chain operator and Unicorp, a holding company, are based in Toronto.@@@@1@15@@oe@2-2-2013
20160001@unknown@formal@none@1@S@Savin Corp. reported a third-quarter net loss of $35.2 million, or 31 cents a share, compared with year-earlier profit of $3.8 million, or one cent a share.@@@@1@27@@oe@2-2-2013
20160002@unknown@formal@none@1@S@A spokesman for the Stamford, Conn.based company said operations had a loss of $5.5 million for the quarter; in addition, the loss was magnified by nonrecurring charges totaling $23.5 million and $8.2 million in asset-valuation adjustments that he described as "unusual."@@@@1@41@@oe@2-2-2013
20160003@unknown@formal@none@1@S@The charges were partly offset by a $2 million gain on the sale of investments of two joint ventures, he said.@@@@1@21@@oe@2-2-2013
20160004@unknown@formal@none@1@S@Revenue declined 8% to $85.7 million, from $93.3 million a year earlier.@@@@1@12@@oe@2-2-2013
20160005@unknown@formal@none@1@S@Savin cited "a general softening in the demand for office products in the market segments in which Savin competes.@@@@1@19@@oe@2-2-2013
20161001@unknown@formal@none@1@S@Hadson Corp. said it expects to report a third-quarter net loss of $17 million to $19 million because of special reserves and continued low natural-gas prices.@@@@1@26@@oe@2-2-2013
20161002@unknown@formal@none@1@S@The Oklahoma City energy and defense concern said it will record a $7.5 million reserve for its defense group, including a $4.7 million charge related to problems under a fixed-price development contract and $2.8 million in overhead costs that won't be reimbursed.@@@@1@42@@oe@2-2-2013
20161003@unknown@formal@none@1@S@In addition, Hadson said it will write off about $3.5 million in costs related to international exploration leases where exploration efforts have been unsuccessful.@@@@1@24@@oe@2-2-2013
20161004@unknown@formal@none@1@S@The company also cited interest costs and amortization of goodwill as factors in the loss.@@@@1@15@@oe@2-2-2013
20161005@unknown@formal@none@1@S@A year earlier, net income was $2.1 million, or six cents a share, on revenue of $169.9 million.@@@@1@18@@oe@2-2-2013
20162001@unknown@formal@none@1@S@A lack of enthusiasm with the latest economic data hampered the stock market's bid to extend Tuesday's sharp gains, as prices closed slightly higher in sluggish trading.@@@@1@27@@oe@2-2-2013
20162002@unknown@formal@none@1@S@While renewed optimism about the outlook for takeover activity boosted several so-called deal stocks, traders said profit-taking weighed on the market, with blue-chips bearing the brunt of the selling.@@@@1@29@@oe@2-2-2013
20162003@unknown@formal@none@1@S@The Dow Jones Industrial Average, which had jumped 41.60 points on Tuesday, drifted on either side of its previous close and finished with a gain of just 0.82 at 2645.90.@@@@1@30@@oe@2-2-2013
20162004@unknown@formal@none@1@S@Standard & Poor's 500-Stock Index added 0.84 to 341.20; the rise was equivalent to a gain of about six points in the industrial average.@@@@1@24@@oe@2-2-2013
20162005@unknown@formal@none@1@S@The Dow Jones Equity Market Index gained 0.99 to 319.75 and the New York Stock Exchange Composite Index went up 0.60 to 188.84.@@@@1@23@@oe@2-2-2013
20162006@unknown@formal@none@1@S@Advancing stocks led decliners on the New York Stock Exchange by 847 to 644.@@@@1@14@@oe@2-2-2013
20162007@unknown@formal@none@1@S@Big Board volume amounted to 154,240,000 shares, down from 176.1 million Tuesday.@@@@1@12@@oe@2-2-2013
20162008@unknown@formal@none@1@S@The October survey of corporate purchasing managers, as expected, provided evidence that economic growth remains subdued.@@@@1@16@@oe@2-2-2013
20162009@unknown@formal@none@1@S@An index of economic activity drawn from the survey stood last month at 47.6%; a reading above 50% would have indicated that the manufacturing sector was improving.@@@@1@27@@oe@2-2-2013
20162010@unknown@formal@none@1@S@But with the index proving somewhat better than expected and the widely anticipated report on October employment scheduled to arrive tomorrow, stock prices firmed only modestly in response to the report and then faltered.@@@@1@34@@oe@2-2-2013
20162011@unknown@formal@none@1@S@"This market's still going through its pains," said Philip Puccio, head of equity trading at Prudential-Bache Securities.@@@@1@17@@oe@2-2-2013
20162012@unknown@formal@none@1@S@"The psychology is still: `We want (stocks) up, but if they don't carry we're going to sell them.'"@@@@1@18@@oe@2-2-2013
20162013@unknown@formal@none@1@S@Uncertainty about the prospects for further action to curtail stock-index arbitrage, a form of program trading blamed for recent volatility in the market, also contributed to its lack of direction, Mr. Puccio said.@@@@1@33@@oe@2-2-2013
20162014@unknown@formal@none@1@S@Arbitrage-related trading during the session was confined largely to a round of buy programs near the close, which helped offset the impact of profit-taking among blue chips.@@@@1@27@@oe@2-2-2013
20162015@unknown@formal@none@1@S@Trading is expected to remain subdued as the market awaits tomorrow's release of the jobs data with the hope that it will point toward a decline in interest rates.@@@@1@29@@oe@2-2-2013
20162016@unknown@formal@none@1@S@"I sense that some people are reluctant to stick their necks out in any aggressive way until after the figures come out," said Richard Eakle, president of Eakle Associates, Fair Haven,@@@@1@31@@oe@2-2-2013
20162017@unknown@formal@none@1@S@Campbell Soup jumped 3 3/8 to 47 1/8 as the resignation of R. Gordon McGovern as president and chief executive officer sparked a revival of rumors that the company could become a takeover target.@@@@1@34@@oe@2-2-2013
20162018@unknown@formal@none@1@S@Prudential-Bache Securities boosted the stock's short-term investment rating in response to the departure; analyst John McMillin said he believes the company will turn to new management "that's more financially oriented."@@@@1@30@@oe@2-2-2013
20162019@unknown@formal@none@1@S@Other rumored takeover and restructuring candidates to attract buyers included Woolworth, which went up 1 3/4 to 59 1/2; Avon Products, up 1 3/4 to 29 1/4; Paramount Communications, up 2 to 57 7/8, and Ferro, up 2 5/8 to 28 3/4.@@@@1@42@@oe@2-2-2013
20162020@unknown@formal@none@1@S@Upjohn, a rumored target within the drug industry, advanced 7/8 to 38 7/8.@@@@1@13@@oe@2-2-2013
20162021@unknown@formal@none@1@S@The company said it plans a fourth-quarter charge, which it didn't specify, for an early-retirement program.@@@@1@16@@oe@2-2-2013
20162022@unknown@formal@none@1@S@AMR climbed 1 3/4 to 73 1/8 amid rumors that New York developer Donald Trump was seeking financing to mount a new, lower offer for the parent company of American Airlines.@@@@1@31@@oe@2-2-2013
20162023@unknown@formal@none@1@S@Mr. Trump withdrew a $120-a-share bid last month.@@@@1@8@@oe@2-2-2013
20162024@unknown@formal@none@1@S@UAL rose 1 1/2 to 177.@@@@1@6@@oe@2-2-2013
20162025@unknown@formal@none@1@S@Drexel Burnham Lambert analyst Michael Derchin said he sees a 70% chance that the parent of United Airlines, the target of a failed $300-a-share offer from a labor-management group, will be acquired or restructured within six months.@@@@1@37@@oe@2-2-2013
20162026@unknown@formal@none@1@S@Georgia Gulf added 1 3/4 to 51 1/4 after NL Industries, controlled by Dallas investor Harold Simmons, offered to acquire the stock it doesn't already own for $50 a share.@@@@1@30@@oe@2-2-2013
20162027@unknown@formal@none@1@S@NL, which closed unchanged at 22 3/4, has a stake of just under 10%.@@@@1@14@@oe@2-2-2013
20162028@unknown@formal@none@1@S@Great Northern Nekoosa, which surged 20 1/8 Tuesday after Georgia-Pacific launched a $3.18 billion offer for the company, dropped 1 3/8 to 61 1/2 in Big Board composite trading of 5.1 million shares.@@@@1@33@@oe@2-2-2013
20162029@unknown@formal@none@1@S@Georgia-Pacific, which went down 2 1/2 Tuesday, lost another 1/2 to 50 3/8.@@@@1@13@@oe@2-2-2013
20162030@unknown@formal@none@1@S@Other paper and forest-products stocks closed mixed.@@@@1@7@@oe@2-2-2013
20162031@unknown@formal@none@1@S@Mead rose 3/4 to 39 1/2, Federal Paper Board added 1/2 to 24 3/8 and Scott Paper gained 1/2 to 48 3/8, while International Paper fell 7/8 to 48 7/8, Champion International lost 3/8 to 31 1/2 and Louisiana-Pacific dropped 1/8 to 40 1/4.@@@@1@44@@oe@2-2-2013
20162032@unknown@formal@none@1@S@Texaco rose 3/4 to 53 3/8 as 4.4 million shares changed hands.@@@@1@12@@oe@2-2-2013
20162033@unknown@formal@none@1@S@Most of the volume came from trades designed to capture the stock's next dividend; Texaco has a yield of 5.6% and goes ex-dividend today.@@@@1@24@@oe@2-2-2013
20162034@unknown@formal@none@1@S@Santa Fe Pacific dropped 1 1/8 to 17 3/4.@@@@1@9@@oe@2-2-2013
20162035@unknown@formal@none@1@S@The company's proposal to sell a 20% stake in its real-estate unit for around $400 million has caused analysts to consider whether to cut their estimates of Santa Fe's asset value.@@@@1@31@@oe@2-2-2013
20162036@unknown@formal@none@1@S@GenCorp tumbled 2 to 14.@@@@1@5@@oe@2-2-2013
20162037@unknown@formal@none@1@S@The company forecast that fourth-quarter income from continuing operations would be "significantly" lower than a year earlier.@@@@1@17@@oe@2-2-2013
20162038@unknown@formal@none@1@S@Allergan went up 1/2 to 19 3/8.@@@@1@7@@oe@2-2-2013
20162039@unknown@formal@none@1@S@The Food and Drug Administration allowed the company to begin marketing a new lens for use in cataract patients.@@@@1@19@@oe@2-2-2013
20162040@unknown@formal@none@1@S@The American Stock Exchange Market Value Index gained 1.56 to 372.14.@@@@1@11@@oe@2-2-2013
20162041@unknown@formal@none@1@S@Volume totaled 11,390,000 shares.@@@@1@4@@oe@2-2-2013
20162042@unknown@formal@none@1@S@Old Spaghetti Warehouse rose 1 to 16 1/8.@@@@1@8@@oe@2-2-2013
20162043@unknown@formal@none@1@S@Its net income for the September quarter rose about 41% from a year ago.@@@@1@14@@oe@2-2-2013
20163001@unknown@formal@none@1@S@Freeport-McMoRan Inc. said it will convert its Freeport-McMoRan Energy Partners Ltd. partnership into a publicly traded company through the exchange of units of the partnership for common shares.@@@@1@28@@oe@2-2-2013
20163002@unknown@formal@none@1@S@The company said the restructuring isn't expected to have any impact, adverse or otherwise, on its financial results.@@@@1@18@@oe@2-2-2013
20163003@unknown@formal@none@1@S@Freeport-McMoRan, a New Orleans-based diversified energy conglomerate, said the partnership will exchange its assets for common shares of a yet-to-be-formed entity.@@@@1@21@@oe@2-2-2013
20163004@unknown@formal@none@1@S@Freeport-McMoRan Energy Partners will be liquidated and shares of the new company distributed to the partnership's unitholders.@@@@1@17@@oe@2-2-2013
20163005@unknown@formal@none@1@S@Unitholders will receive two additional 55 cents-a-unit distribution payments before the trust is liquidated in early 1990, the company said.@@@@1@20@@oe@2-2-2013
20163006@unknown@formal@none@1@S@It is expected that common shares equal to the number of units outstanding -- about 108 million on Sept. 30 -- will be issued during the first quarter of 1990.@@@@1@30@@oe@2-2-2013
20163007@unknown@formal@none@1@S@Freeport-McMoRan, the parent company, holds roughly 80% of the units outstanding.@@@@1@11@@oe@2-2-2013
20164001@unknown@formal@none@1@S@Nissan Motor Co., Japan's second-largest car maker, announced Wednesday that the parent concern's pretax earnings in the first half ended last Sept. 30 rose 14% to 88.32 billion yen ($618.1 million) from 77.6 billion yen a year earlier.@@@@1@38@@oe@2-2-2013
20164002@unknown@formal@none@1@S@Nissan cited strong domestic sales against the backdrop of continuous economic expansion.@@@@1@12@@oe@2-2-2013
20164003@unknown@formal@none@1@S@Profit surged 42% to 40.21 billion yen, or 16.09 yen a share, from 28.36 billion yen, or 11.72 yen a share.@@@@1@21@@oe@2-2-2013
20164004@unknown@formal@none@1@S@Sales totaled 1.916 trillion yen, climbing 17% from 1.637 trillion yen in the year-earlier period.@@@@1@15@@oe@2-2-2013
20164005@unknown@formal@none@1@S@Nissan scheduled a seven-yen interim dividend payment, unchanged.@@@@1@8@@oe@2-2-2013
20164006@unknown@formal@none@1@S@Atsushi Muramatsu, executive vice president and chief financial officer of Nissan, said, "The company has experienced a remarkable turnaround in terms of profitability since the fiscal year ending March 1987, when the sharp and rapid appreciation of the yen caused many difficulties.@@@@1@42@@oe@2-2-2013
20164007@unknown@formal@none@1@S@"It can be said that the trend of financial improvement has been firmly set," he added.@@@@1@16@@oe@2-2-2013
20165001@unknown@formal@none@1@S@Heritage Media Corp., New York, said it offered to buy the shares of POP Radio Corp. it doesn't already own in a stock swap.@@@@1@24@@oe@2-2-2013
20165002@unknown@formal@none@1@S@Heritage, which owns 51% of POP's 3.6 million shares outstanding, said it will exchange one share of a new preferred stock for each POP common share it doesn't already own.@@@@1@30@@oe@2-2-2013
20165003@unknown@formal@none@1@S@Depending upon how many warrants and options are exercised prior to completion of the transaction, Heritage would issue between 1.8 million and 2.35 million preferred shares, a Heritage spokesman estimated.@@@@1@30@@oe@2-2-2013
20165004@unknown@formal@none@1@S@In national over-the-counter trading yesterday, POP plunged $4 to $14.75.@@@@1@10@@oe@2-2-2013
20165005@unknown@formal@none@1@S@The preferred stock, which would have a dividend rate of $1.76 a year, would be convertible into Heritage common at a rate of four common shares for each preferred.@@@@1@29@@oe@2-2-2013
20165006@unknown@formal@none@1@S@New York-based POP Radio provides, through a national, in-store network, a customized music, information and advertising service which simulates live radio.@@@@1@21@@oe@2-2-2013
20165007@unknown@formal@none@1@S@Heritage owns and operates television and radio stations and in-store advertising and promotion programs.@@@@1@14@@oe@2-2-2013
20166001@unknown@formal@none@1@S@GenCorp Inc., hurt by a plant accident and other unexpected costs, said it expects to report that fiscal fourth-quarter profit from continuing operations will be significantly below last year's $25 million.@@@@1@31@@oe@2-2-2013
20166002@unknown@formal@none@1@S@The Fairlawn, Ohio-based company also said that full-year profit from continuing operations will be far below last year's $148 million.@@@@1@20@@oe@2-2-2013
20166003@unknown@formal@none@1@S@Last year's figures include a one-time loss of $12 million for restructuring and unusual items.@@@@1@15@@oe@2-2-2013
20166004@unknown@formal@none@1@S@But the automotive parts and aerospace concern expects that net for the year ending Nov. 30 will exceed last fiscal year's net of $70 million, or $2.19 a share, primarily because of $200 million in gains from sales of discontinued operations.@@@@1@41@@oe@2-2-2013
20166005@unknown@formal@none@1@S@Harry Millis, an analyst at McDonald & Co. in Cleveland, said GenCorp's unanticipated losses come largely from an accident at a government-owned assembly plant in Kansas, run by a private subcontractor, that makes cluster bombs for GenCorp's Aerojet Ordnance business.@@@@1@40@@oe@2-2-2013
20166006@unknown@formal@none@1@S@Transamerica Corp., San Francisco, said third-quarter profit was essentially flat despite a large one-time gain a year earlier.@@@@1@18@@oe@2-2-2013
20166007@unknown@formal@none@1@S@The insurance and financial services concern said profit for the quarter rose 1.1% to $93.9 million, or $1.19 a share, compared with $92.9 million, or $1.18 a share, the year earlier.@@@@1@31@@oe@2-2-2013
20166008@unknown@formal@none@1@S@The results reflected a 24% gain in income from its finance businesses, and a 15% slide in income from insurance operations.@@@@1@21@@oe@2-2-2013
20166009@unknown@formal@none@1@S@Transamerica said third-quarter investment gains were $10.2 million, compared with $6.4 million the year earlier.@@@@1@15@@oe@2-2-2013
20166010@unknown@formal@none@1@S@It said insurance profit reflected a $6 million loss from Hurricane Hugo.@@@@1@12@@oe@2-2-2013
20166011@unknown@formal@none@1@S@It also estimated that losses from the Oct. 17 earthquake in California would be no more than $6 million, and would be included in fourth-quarter results.@@@@1@26@@oe@2-2-2013
20167001@unknown@formal@none@1@S@RMS International Inc., Hasbrouk Heights, N.J., facing a cash-flow squeeze, said it is seeking other financing sources and waivers from debenture holders.@@@@1@22@@oe@2-2-2013
20167002@unknown@formal@none@1@S@The company said that because of softening sales it isn't in compliance with requirements that it maintain $3 million in working capital.@@@@1@22@@oe@2-2-2013
20167003@unknown@formal@none@1@S@RMS distributes electronic devices and produces power supplies and plastic literature displays.@@@@1@12@@oe@2-2-2013
20167004@unknown@formal@none@1@S@RMS said it had a loss of $158,666, or 10 cents a share, in the third quarter, compared with a year-earlier loss of $26,956, or two cents a share.@@@@1@29@@oe@2-2-2013
20167005@unknown@formal@none@1@S@Sales rose to $3 million from $2.9 million.@@@@1@8@@oe@2-2-2013
20167006@unknown@formal@none@1@S@For the nine months, the company reported a net loss of $608,413, or 39 cents a share, compared with year-earlier net income of $967,809, or 62 cents a share.@@@@1@29@@oe@2-2-2013
20167007@unknown@formal@none@1@S@Sales rose to $9.8 million from $8.9 million.@@@@1@8@@oe@2-2-2013
20168001@unknown@formal@none@1@S@Meridian National Corp. said it sold 750,000 shares of its common stock to the McAlpine family interests, for $1 million, or $1.35 a share.@@@@1@24@@oe@2-2-2013
20168002@unknown@formal@none@1@S@The sale represents 10.2% of Meridian's shares outstanding.@@@@1@8@@oe@2-2-2013
20168003@unknown@formal@none@1@S@The McAlpine family, which operates a number of multinational companies, including a London-based engineering and construction company, also lent to Meridian National $500,000.@@@@1@23@@oe@2-2-2013
20168004@unknown@formal@none@1@S@That amount is convertible into shares of Meridian common stock at $2 a share during its one-year term.@@@@1@18@@oe@2-2-2013
20168005@unknown@formal@none@1@S@The loan may be extended by the McAlpine group for an additional year with an increase in the conversion price to $2.50 a share.@@@@1@24@@oe@2-2-2013
20168006@unknown@formal@none@1@S@The sale of shares to the McAlpine family along with the recent sale of 750,000 shares of Meridian stock to Haden MacLellan Holding PLC of Surrey, England and a recent public offering have increased Meridian's net worth to $8.5 million, said William Feniger, chief executive officer of Toledo, Ohio-based Meridian.@@@@1@50@@oe@2-2-2013
20169001@unknown@formal@none@1@S@Ratners Group PLC, a fast-growing, acquisition-minded London-based jeweler, raised its price for Seattle-based specialty jeweler Weisfield's Inc. to $57.50 a share, or $62.1 million, from $50 a share, or $55 million, after another concern said it would be prepared to outbid Ratners's initial offer.@@@@1@44@@oe@2-2-2013
20169002@unknown@formal@none@1@S@The other concern wasn't identified.@@@@1@5@@oe@2-2-2013
20169003@unknown@formal@none@1@S@Ratners's chairman, Gerald Ratner, said the deal remains of "substantial benefit to Ratners."@@@@1@13@@oe@2-2-2013
20169004@unknown@formal@none@1@S@In London at mid-afternoon yesterday, Ratners's shares were up 2 pence (1.26 cents), at 260 pence ($1.64).@@@@1@17@@oe@2-2-2013
20169005@unknown@formal@none@1@S@The sweetened offer has acceptances from more than 50% of Weisfield's shareholders, and it is scheduled for completion by Dec. 10.@@@@1@21@@oe@2-2-2013
20169006@unknown@formal@none@1@S@The acquisition of 87-store Weisfield's raises Ratners's U.S. presence to 450 stores.@@@@1@12@@oe@2-2-2013
20169007@unknown@formal@none@1@S@About 30% of Ratners's profit already is derived from the U.S.@@@@1@11@@oe@2-2-2013
20170001@unknown@formal@none@1@S@Carnival Cruise Lines Inc. said potential problems with the construction of two big cruise ships from Finland have been averted.@@@@1@20@@oe@2-2-2013
20170002@unknown@formal@none@1@S@Last week, Miami-based Carnival disclosed that Waertsilae Marine Industries, the Finnish shipyard that is building Carnival's new cruise ships, planned to file for bankruptcy.@@@@1@24@@oe@2-2-2013
20170003@unknown@formal@none@1@S@Yesterday, Carnival said a new company has been formed in Finland that will carry on Waertsilae's shipbuilding operations.@@@@1@18@@oe@2-2-2013
20170004@unknown@formal@none@1@S@Carnival said it will be an 11% shareholder in the new company.@@@@1@12@@oe@2-2-2013
20170005@unknown@formal@none@1@S@Carnival said the Fantasy, a 2,050-passenger ship that was slated to be delivered this month, will be delivered in January.@@@@1@20@@oe@2-2-2013
20170006@unknown@formal@none@1@S@A second ship is now expected to be delivered late next year or early in 1991.@@@@1@16@@oe@2-2-2013
20170007@unknown@formal@none@1@S@Carnival had expected that ship to be delivered next fall.@@@@1@10@@oe@2-2-2013
20170008@unknown@formal@none@1@S@A planned third ship still may be built in the Finnish shipyard, or may be built elsewhere, Carnival said.@@@@1@19@@oe@2-2-2013
20171001@unknown@formal@none@1@S@Valley Federal Savings & Loan Association took an $89.9 million charge as it reported a third-quarter loss of $70.7 million, or $12.09 a share.@@@@1@24@@oe@2-2-2013
20171002@unknown@formal@none@1@S@The Van Nuys, Calif., thrift had net income of $132,000, or three cents a share, a year ago.@@@@1@18@@oe@2-2-2013
20171003@unknown@formal@none@1@S@The bulk of the pretax charge is a $62 million write-off of capitalized servicing at the mobile home financing subsidiary, which the company said had been a big drain on earnings.@@@@1@31@@oe@2-2-2013
20171004@unknown@formal@none@1@S@The company said the one-time provision would substantially eliminate all future losses at the unit.@@@@1@15@@oe@2-2-2013
20171005@unknown@formal@none@1@S@Valley Federal also added $18 million to realestate loan reserves and eliminated $9.9 million of good will.@@@@1@17@@oe@2-2-2013
20171006@unknown@formal@none@1@S@The thrift said that "after these charges and assuming no dramatic fluctuation in interest rates, the association expects to achieve near record earnings in 1990."@@@@1@25@@oe@2-2-2013
20171007@unknown@formal@none@1@S@Valley Federal is currently being examined by regulators.@@@@1@8@@oe@2-2-2013
20171008@unknown@formal@none@1@S@New loans continue to slow; they were $6.6 million in the quarter compared with $361.8 million a year ago.@@@@1@19@@oe@2-2-2013
20171009@unknown@formal@none@1@S@The thrift has assets of $3.2 billion.@@@@1@7@@oe@2-2-2013
20172001@unknown@formal@none@1@S@First of America Bank Corp. said it completed its acquisition of Midwest Financial Group Inc. for about $250 million.@@@@1@19@@oe@2-2-2013
20172002@unknown@formal@none@1@S@First of America, which now has 45 banks and $12.5 billion in assets, announced an agreement to acquire the Peoria, Ill., bank holding company in January.@@@@1@26@@oe@2-2-2013
20172003@unknown@formal@none@1@S@Midwest Financial has $2.3 billion in assets and eight banks.@@@@1@10@@oe@2-2-2013
20172004@unknown@formal@none@1@S@The Midwest Financial subsidiary banks will continue to operate under their current names until early 1990, when each will adopt the First of America name.@@@@1@25@@oe@2-2-2013
20172005@unknown@formal@none@1@S@Kalamazoo, Mich.-based First of America said it will eliminate the 13 management positions of the former Midwest Financial parent company.@@@@1@20@@oe@2-2-2013
20172006@unknown@formal@none@1@S@First of America said some of the managers will take other jobs with First of America.@@@@1@16@@oe@2-2-2013
20172007@unknown@formal@none@1@S@But it said that severance payments to those executives not staying with the company will reduce First of America's operating results for 1989 by $3 million to $4 million, or 15 cents to 20 cents a share.@@@@1@37@@oe@2-2-2013
20173001@unknown@formal@none@1@S@Coleco Industries Inc., a once high-flying toy maker whose stock peaked at $65 a share in the early 1980s, filed a Chapter 11 reorganization plan that provides just 1.125 cents a share for common stockholders.@@@@1@35@@oe@2-2-2013
20173002@unknown@formal@none@1@S@Under the plan, unsecured creditors, who are owed about $430 million, would receive about $92 million, or 21 cents for each dollar they are owed.@@@@1@25@@oe@2-2-2013
20173003@unknown@formal@none@1@S@In addition, they will receive stock in the reorganized company, which will be named Ranger Industries Inc.@@@@1@17@@oe@2-2-2013
20173004@unknown@formal@none@1@S@After these payments, about $225,000 will be available for the 20 million common shares outstanding.@@@@1@15@@oe@2-2-2013
20173005@unknown@formal@none@1@S@The Avon, Conn., company's stock hit a high in 1983 after it unveiled its Adam home computer, but the product was plagued with glitches and the company's fortunes plunged.@@@@1@29@@oe@2-2-2013
20173006@unknown@formal@none@1@S@But Coleco bounced back with the introduction of the Cabbage Patch dolls, whose sales hit $600 million in 1985.@@@@1@19@@oe@2-2-2013
20173007@unknown@formal@none@1@S@But as the craze died, Coleco failed to come up with another winner and filed for bankruptcy-law protection in July 1988.@@@@1@21@@oe@2-2-2013
20173008@unknown@formal@none@1@S@The plan was filed jointly with unsecured creditors in federal bankruptcy court in New York and must be approved by the court.@@@@1@22@@oe@2-2-2013
20174001@unknown@formal@none@1@S@ORTEGA ENDED a truce with the Contras and said elections were threatened.@@@@1@12@@oe@2-2-2013
20174002@unknown@formal@none@1@S@The Nicaraguan president, citing attacks by the U.S.-backed rebels, suspended a 19-month-old cease-fire and accused Bush of "promoting death."@@@@1@19@@oe@2-2-2013
20174003@unknown@formal@none@1@S@While he reaffirmed support for the country's Feb. 25 elections, Ortega indicated that renewed U.S. military aid to the Contras could thwart the balloting.@@@@1@24@@oe@2-2-2013
20174004@unknown@formal@none@1@S@He said U.S. assistance should be used to demobilize the rebels.@@@@1@11@@oe@2-2-2013
20174005@unknown@formal@none@1@S@A White House spokesman condemned the truce suspension as "deplorable" but brushed off talk of renewing military funding for the insurgents.@@@@1@21@@oe@2-2-2013
20174006@unknown@formal@none@1@S@The Contra military command, in a statement from Honduras, said Sandinista troops had launched a major offensive against the rebel forces.@@@@1@21@@oe@2-2-2013
20174007@unknown@formal@none@1@S@East German leader Krenz called the protests in his country a "good sign," saying that many of those marching for democratic freedoms were showing support for "the renovation for socialism."@@@@1@30@@oe@2-2-2013
20174008@unknown@formal@none@1@S@The Communist Party chief, in Moscow for talks with Soviet officials, also said East Germany would follow Gorbachev's restructuring plans.@@@@1@20@@oe@2-2-2013
20174009@unknown@formal@none@1@S@Thousands of East Germans fled to Czechoslovakia after the East Berlin government lifted travel restrictions.@@@@1@15@@oe@2-2-2013
20174010@unknown@formal@none@1@S@The ban on cross-border movement was imposed last month after a massive exodus of emigres to West Germany.@@@@1@18@@oe@2-2-2013
20174011@unknown@formal@none@1@S@Also, a Communist official for the first time said the future of the Berlin Wall could be open to discussion.@@@@1@20@@oe@2-2-2013
20174012@unknown@formal@none@1@S@Health officials plan to extend a moratorium on federal funding of research involving fetal-tissue transplants.@@@@1@15@@oe@2-2-2013
20174013@unknown@formal@none@1@S@The assistant HHS secretary said the ban "should be continued indefinitely."@@@@1@11@@oe@2-2-2013
20174014@unknown@formal@none@1@S@While researchers believe such transplants could help treat diseases like Alzheimer's, anti-abortionists oppose the research.@@@@1@15@@oe@2-2-2013
20174015@unknown@formal@none@1@S@Rep. Dingell of Michigan plans to unveil today a proposal that would break with Bush's clean-air bill on the issue of emissions that lead to acid rain.@@@@1@27@@oe@2-2-2013
20174016@unknown@formal@none@1@S@The Democrat's proposal is described by government sources and lobbyists as significantly weaker than the president's plan to cut utility emissions.@@@@1@21@@oe@2-2-2013
20174017@unknown@formal@none@1@S@House-Senate conferees approved major portions of a package for more than $500 million in economic aid for Poland.@@@@1@18@@oe@2-2-2013
20174018@unknown@formal@none@1@S@The plan relies heavily on $240 million in credit and loan guarantees in fiscal 1990 in hopes of stimulating future trade and investment.@@@@1@23@@oe@2-2-2013
20174019@unknown@formal@none@1@S@South Africa accused armed Namibian nationalist guerrillas of crossing from bases in neighboring Angola, violating U.N.-supervised peace plans for the territory's independence from Pretoria.@@@@1@24@@oe@2-2-2013
20174020@unknown@formal@none@1@S@South African troops were placed on alert.@@@@1@7@@oe@2-2-2013
20174021@unknown@formal@none@1@S@Guerrilla leaders said Pretoria was attempting to sabotage next week's elections in Namibia.@@@@1@13@@oe@2-2-2013
20174022@unknown@formal@none@1@S@Gunmen in Lebanon assassinated a Saudi Arabian Embassy employee, and the pro-Iranian Islamic Jihad took responsibility for the slaying to avenge the beheading of 16 terrorists by Riyadh's government in September.@@@@1@31@@oe@2-2-2013
20174023@unknown@formal@none@1@S@Also in Beirut, a Moslem group vowed to kill Americans if the U.S. implements a policy to seize suspects abroad.@@@@1@20@@oe@2-2-2013
20174024@unknown@formal@none@1@S@Nixon concluded five days of private talks with Chinese leaders in Beijing, but apparently failed to ease strains in Sino-U.S. ties caused by China's crackdown against pro-democracy protesters in June.@@@@1@30@@oe@2-2-2013
20174025@unknown@formal@none@1@S@Beijing's rulers complained to the former president about U.S. "interference" in China's domestic affairs.@@@@1@14@@oe@2-2-2013
20174026@unknown@formal@none@1@S@Mexico's President Salinas said the country's recession had ended and the economy was growing again.@@@@1@15@@oe@2-2-2013
20174027@unknown@formal@none@1@S@In his first state of the nation address, Salinas pledged to continue his program of modernization and warned opposition politicians that impeding progress could cost them popular support.@@@@1@28@@oe@2-2-2013
20174028@unknown@formal@none@1@S@Pakistan's Bhutto defeated the first no-confidence motion in the nation's 42-year history, surviving the vote that could have brought down her 11-month-old government.@@@@1@23@@oe@2-2-2013
20174029@unknown@formal@none@1@S@The prime minister's opponents claimed the balloting, 12 votes short of a majority in Islamabad's 237-seat assembly, was rigged.@@@@1@19@@oe@2-2-2013
20174030@unknown@formal@none@1@S@The White House said the shipboard meetings next month between Bush and Soviet leader Gorbachev will take place in the waters off Malta.@@@@1@23@@oe@2-2-2013
20174031@unknown@formal@none@1@S@The location was disclosed as the U.S. began planning the issues to be discussed at the Dec. 2-3 tete-a-tete.@@@@1@19@@oe@2-2-2013
20174032@unknown@formal@none@1@S@Bush unveiled a package of trade initiatives to help establish "economic alternatives to drug trafficking" in the Andean nations of South America.@@@@1@22@@oe@2-2-2013
20174033@unknown@formal@none@1@S@The president's plan includes a commitment to help negotiate a new international coffee agreement.@@@@1@14@@oe@2-2-2013
20174034@unknown@formal@none@1@S@Pan Am has subpoenaed several government agencies, including the CIA and FBI, to determine whether they were warned that a bomb had been planted aboard a jet that exploded over Scotland last December, killing 270 people.@@@@1@36@@oe@2-2-2013
20174035@unknown@formal@none@1@S@The airline is attempting to show that Israel and West Germany warned the U.S. about the impending attack.@@@@1@18@@oe@2-2-2013
20174036@unknown@formal@none@1@S@Died: James A. Attwood, 62, retired chairman and president of Mutual Life Insurance Co. of New York, Tuesday, in New York City, of an acute anemic condition.@@@@1@27@@oe@2-2-2013
20175001@unknown@formal@none@1@S@Sony Corp. completed its tender offer for Columbia Pictures Entertainment Inc., with Columbia shareholders tendering 99.3% of all common shares outstanding by the Tuesday deadline.@@@@1@25@@oe@2-2-2013
20175002@unknown@formal@none@1@S@Sony Columbia Acquisition Corp., formed for the Columbia deal, will formally take ownership of the movie studio later this month, a spokesman said.@@@@1@23@@oe@2-2-2013
20175003@unknown@formal@none@1@S@Sony is paying $27 a share, or $3.55 billion, cash and is assuming $1.4 billion of long-term debt.@@@@1@18@@oe@2-2-2013
20175004@unknown@formal@none@1@S@Still unresolved is Sony's effort to hire producers Jon Peters and Peter Guber to run the studio.@@@@1@17@@oe@2-2-2013
20175005@unknown@formal@none@1@S@Sony's planned acquisition of Guber/Peters Entertainment Co. for $200 million is scheduled to close Monday.@@@@1@15@@oe@2-2-2013
20175006@unknown@formal@none@1@S@Guber/Peters has been locked in litigation with Warner Communications Inc. in an attempt to get out of an exclusive production contract with Warner.@@@@1@23@@oe@2-2-2013
20175007@unknown@formal@none@1@S@Both sides are in talks to settle the dispute.@@@@1@9@@oe@2-2-2013
20176001@unknown@formal@none@1@S@Xerox Corp. has told employees in its Crum & Forster personal insurance operations that it is laying off about 300 people, or 25% of the staff.@@@@1@26@@oe@2-2-2013
20176002@unknown@formal@none@1@S@A spokeswoman for Crum & Forster said employees were told early this week that numerous staff functions for the personal insurance lines were going to be centralized as a cost-cutting move.@@@@1@31@@oe@2-2-2013
20176003@unknown@formal@none@1@S@She said the move would result in a after-tax charge of less than $4 million to be spread over the next three quarters.@@@@1@23@@oe@2-2-2013
20176004@unknown@formal@none@1@S@By comparison, for the first nine months, Xerox earned $492 million, or $4.55 a share, on revenue of $12.97 billion.@@@@1@20@@oe@2-2-2013
20176005@unknown@formal@none@1@S@Earnings at Xerox's financial-services operations actually rose slightly, but that was largely because capital gains at Crum & Forster offset Hurricane Hugo payments and the reserves set up to cover future payments.@@@@1@32@@oe@2-2-2013
20176006@unknown@formal@none@1@S@Property/casualty insurance has been a tough business in recent quarters, as pricing has been cutthroat and natural disasters such as Hurricane Hugo and the California earthquake have resulted in huge payments.@@@@1@31@@oe@2-2-2013
20177001@unknown@formal@none@1@S@Komatsu Ltd., a large integrated maker of construction machinery, posted a 32% unconsolidated gain in first-half pretax profit.@@@@1@18@@oe@2-2-2013
20177002@unknown@formal@none@1@S@For the period ended Sept.30, it earned 16.68 billion yen, (US$116.7 million) up from 12.68 billion yen the year before.@@@@1@20@@oe@2-2-2013
20177003@unknown@formal@none@1@S@Sales rose 11% to 292.32 billion yen from 263.07 billion yen.@@@@1@11@@oe@2-2-2013
20177004@unknown@formal@none@1@S@Net income surged 31% to 7.63 billion yen from 5.82 billion yen.@@@@1@12@@oe@2-2-2013
20177005@unknown@formal@none@1@S@Per-share net rose to 7.84 yen from 6.53 yen.@@@@1@9@@oe@2-2-2013
20177006@unknown@formal@none@1@S@Brisk domestic demand due to increasing capital investment pushed up sales sharply in construction and industrial machinery divisions.@@@@1@18@@oe@2-2-2013
20177007@unknown@formal@none@1@S@Domestic sales of construction machinery, such as power shovels and bulldozers rose to 142.84 billion yen from 126.15 billion yen.@@@@1@20@@oe@2-2-2013
20177008@unknown@formal@none@1@S@Demand from Europe and Southeast Asia also grew, but due to increasing production at local plants, overseas sales edged down 2.8%.@@@@1@21@@oe@2-2-2013
20177009@unknown@formal@none@1@S@Komatsu predicted that for the fiscal year ending March 31 sales will climb to 600 billion yen from 566.54 billion yen; pretax profit was forecast at 35 billion yen, up from 28.53 billion yen in fiscal 1989.@@@@1@37@@oe@2-2-2013
20177010@unknown@formal@none@1@S@Net is expected to rise to 17 billion yen from 12.82 billion yen a year earlier.@@@@1@16@@oe@2-2-2013
20178001@unknown@formal@none@1@S@ECONOMIC GROWTH APPEARS to be leveling off, latest reports suggest.@@@@1@10@@oe@2-2-2013
20178002@unknown@formal@none@1@S@Factory orders and construction outlays were largely flat in September, while purchasing agents said manufacturing shrank further in October.@@@@1@19@@oe@2-2-2013
20178003@unknown@formal@none@1@S@Still, many economists aren't predicting a recession anytime soon.@@@@1@9@@oe@2-2-2013
20178004@unknown@formal@none@1@S@The Fed is coming under pressure to cut short-term interest rates due to the apparent slowing of the economy.@@@@1@19@@oe@2-2-2013
20178005@unknown@formal@none@1@S@But it isn't clear yet whether the central bank will make such a move.@@@@1@14@@oe@2-2-2013
20178006@unknown@formal@none@1@S@Campbell Soup forced out its president and chief executive, R. Gordon McGovern, the strongest indication yet that the Dorrance family plans to take charge of reshaping the troubled food company.@@@@1@30@@oe@2-2-2013
20178007@unknown@formal@none@1@S@Campbell's stock rose $3.375, to $47.125, in reaction.@@@@1@8@@oe@2-2-2013
20178008@unknown@formal@none@1@S@The Chicago Merc plans an additional "circuit breaker" to stem sharp drops in the market.@@@@1@15@@oe@2-2-2013
20178009@unknown@formal@none@1@S@Also, Big Board Chairman Phelan said he would support SEC halts of program trading during market crises but not any revival of a "collar" on trading.@@@@1@26@@oe@2-2-2013
20178010@unknown@formal@none@1@S@Georgia Gulf received a new takeover bid from investor Harold Simmons and NL Industries of $50 a share, or about $1.1 billion.@@@@1@22@@oe@2-2-2013
20178011@unknown@formal@none@1@S@The offer, which follows a $55-a-share bid that was rejected in September, steps up pressure on the chemicals concern.@@@@1@19@@oe@2-2-2013
20178012@unknown@formal@none@1@S@The minimum-wage bill worked out by Congress and Bush won easy approval in the House.@@@@1@15@@oe@2-2-2013
20178013@unknown@formal@none@1@S@The compromise plan, which boosts the minimum wage for the first time since 1981, is expected to clear the Senate soon.@@@@1@21@@oe@2-2-2013
20178014@unknown@formal@none@1@S@Steinberg sought clearance to buy more than 15% of United Air's parent, saying he may seek control.@@@@1@17@@oe@2-2-2013
20178015@unknown@formal@none@1@S@Takeover experts said they doubted the financier would make a bid by himself.@@@@1@13@@oe@2-2-2013
20178016@unknown@formal@none@1@S@An airline buy-out bill was approved by the House.@@@@1@9@@oe@2-2-2013
20178017@unknown@formal@none@1@S@The measure would make it easier for the Transportation Department to block leveraged buy-outs in the industry.@@@@1@17@@oe@2-2-2013
20178018@unknown@formal@none@1@S@USX was cited by OSHA for several health and safety violations at two Pennsylvania plants and may face a record fine of $7.3 million.@@@@1@24@@oe@2-2-2013
20178019@unknown@formal@none@1@S@Random House Chairman Robert Bernstein said he is resigning from the publishing house he has run for 23 years.@@@@1@19@@oe@2-2-2013
20178020@unknown@formal@none@1@S@A successor wasn't named.@@@@1@4@@oe@2-2-2013
20178021@unknown@formal@none@1@S@Cray Research indicated that the survival of a spinoff company, which is developing a new supercomputer, depends heavily on its chairman and chief designer, Seymour Cray.@@@@1@26@@oe@2-2-2013
20178022@unknown@formal@none@1@S@Light trucks and vans will face the same safety requirements as automobiles under new proposals by the Transportation Department.@@@@1@19@@oe@2-2-2013
20178023@unknown@formal@none@1@S@The Treasury plans to sell $30 billion in notes and bonds next week but will delay the auction unless Congress quickly raises the debt ceiling.@@@@1@25@@oe@2-2-2013
20178024@unknown@formal@none@1@S@U.S. farmers' net income rose to a record $59.9 billion last year despite one of the worst droughts ever.@@@@1@19@@oe@2-2-2013
20178025@unknown@formal@none@1@S@Two antitrust agencies may face further cutbacks because of a complicated new funding device, some Democrats in Congress are warning.@@@@1@20@@oe@2-2-2013
20178026@unknown@formal@none@1@S@Markets --@@@@1@2@@oe@2-2-2013
20178027@unknown@formal@none@1@S@Stocks: Volume 154,240,000 shares.@@@@1@4@@oe@2-2-2013
20178028@unknown@formal@none@1@S@Dow Jones industrials 2645.90, up 0.82; transportation 1206.26, up 1.25; utilities 220.45, up 1.26.@@@@1@14@@oe@2-2-2013
20178029@unknown@formal@none@1@S@Bonds: Shearson Lehman Hutton Treasury index 3436.58, up@@@@1@8@@oe@2-2-2013
20178030@unknown@formal@none@1@S@Commodities: Dow Jones futures index 129.91, up 0.28; spot index 131.01, up 1.17.@@@@1@13@@oe@2-2-2013
20178031@unknown@formal@none@1@S@Dollar: 143.80 yen, up 0.95; 1.8500 marks, up 0.0085.@@@@1@9@@oe@2-2-2013
20179001@unknown@formal@none@1@S@Junk-bond markdowns, an ongoing Securities and Exchange Commission investigation, a Drexel Burnham Lambert connection, a fizzled buy-out rumor.@@@@1@18@@oe@2-2-2013
20179002@unknown@formal@none@1@S@All this has cast a pall over Columbia Savings & Loan Association and its high-rolling 43-year-old chairman, Thomas Spiegel, who built the $12.7 billion Beverly Hills, Calif., thrift with high-yield junk bonds.@@@@1@32@@oe@2-2-2013
20179003@unknown@formal@none@1@S@Bears have targeted Columbia's stock because of the thrift's exposure to the shaky junk market.@@@@1@15@@oe@2-2-2013
20179004@unknown@formal@none@1@S@And some investors fault Mr. Spiegel's life style; he earns millions of dollars a year and flies around in Columbia's jet planes.@@@@1@22@@oe@2-2-2013
20179005@unknown@formal@none@1@S@Columbia stock recently hit 4 1/8, after reaching 11 3/4 earlier this year on rumors that Mr. Spiegel would take the thrift private.@@@@1@23@@oe@2-2-2013
20179006@unknown@formal@none@1@S@Moreover, junk professionals think Columbia's huge third-quarter markdown of its junk portfolio to $4.4 billion wasn't enough, meaning another markdown could be coming.@@@@1@23@@oe@2-2-2013
20179007@unknown@formal@none@1@S@But in recent days, Columbia has edged up, closing at 5 1/4, up 3/8, yesterday on revived speculation that the thrift might restructure.@@@@1@23@@oe@2-2-2013
20179008@unknown@formal@none@1@S@Mr. Spiegel's fans say Columbia's Southern California branches are highly salable, and the thrift has $458 million of shareholders equity underlying its assets.@@@@1@23@@oe@2-2-2013
20179009@unknown@formal@none@1@S@That's almost $10 of equity for each Columbia share, including convertible preferred shares, though more junk markdowns would reduce the cushion.@@@@1@21@@oe@2-2-2013
20179010@unknown@formal@none@1@S@Columbia has only about 10 million common shares in public hands.@@@@1@11@@oe@2-2-2013
20179011@unknown@formal@none@1@S@The Spiegel family has 25% of the common and 75% of the votes.@@@@1@13@@oe@2-2-2013
20179012@unknown@formal@none@1@S@Other big common holders are Carl Lindner's American Financial, investor Irwin Jacobs and Pacific Financial Research, though the latter cut its stake this summer.@@@@1@24@@oe@2-2-2013
20179013@unknown@formal@none@1@S@While many problems would attend a restructuring of Columbia, investors say Mr. Spiegel is mulling such a plan to mitigate Columbia's junk problems.@@@@1@23@@oe@2-2-2013
20179014@unknown@formal@none@1@S@Indeed, Columbia executives recently told reporters they were interested in creating a separate unit to hold Columbia's junk bonds and perhaps do merchant banking.@@@@1@24@@oe@2-2-2013
20179015@unknown@formal@none@1@S@Columbia won't comment on all the speculation.@@@@1@7@@oe@2-2-2013
20179016@unknown@formal@none@1@S@But like other thrifts, it's expected to seek regulators' consent to create a distinct junk-bond entity.@@@@1@16@@oe@2-2-2013
20179017@unknown@formal@none@1@S@Plans to do this are due to be filed in a week or so.@@@@1@14@@oe@2-2-2013
20179018@unknown@formal@none@1@S@New rules force thrifts to write down their junk to market value, then sell the bonds over five years.@@@@1@19@@oe@2-2-2013
20179019@unknown@formal@none@1@S@That's why Columbia just wrote off $130 million of its junk and reserved $227 million for future junk losses.@@@@1@19@@oe@2-2-2013
20179020@unknown@formal@none@1@S@But if Columbia could keep its junk bonds separate from the thrift till they mature -- at full value, unless the issuer goes bust or restructures -- the junk portfolio might do all right.@@@@1@34@@oe@2-2-2013
20179021@unknown@formal@none@1@S@Columbia, a longtime Drexel client, won't provide current data on its junk.@@@@1@12@@oe@2-2-2013
20179022@unknown@formal@none@1@S@But its 17 big junk holdings at year end showed only a few bonds that have been really battered.@@@@1@19@@oe@2-2-2013
20179023@unknown@formal@none@1@S@These were Allied Stores, Western Union Telegraph, Gillett Holdings, SCI Television and Texas Air, though many other bonds in Columbia's portfolio also have lost value.@@@@1@25@@oe@2-2-2013
20179024@unknown@formal@none@1@S@Possibly offsetting that, Columbia recently estimated it has unrealized gains on publicly traded equity investments of more than $70 million.@@@@1@20@@oe@2-2-2013
20179025@unknown@formal@none@1@S@It also hopes for ultimate gains of as much as $300 million on equity investments in buy-outs and restructurings.@@@@1@19@@oe@2-2-2013
20179026@unknown@formal@none@1@S@One trial balloon Mr. Spiegel is said to have floated to investors: Columbia might be broken up, as Mellon Bank was split into a good bank and a bad bank.@@@@1@30@@oe@2-2-2013
20179027@unknown@formal@none@1@S@But Columbia's good bank would be a regulated thrift, while the bad bank would be a private investment company, holding some of Columbia's junk bonds, real estate and equity investments.@@@@1@30@@oe@2-2-2013
20179028@unknown@formal@none@1@S@Some think Columbia's thrift, which now is seeking a new chief operating officer, might be capitalized at, say $300 million, and shopped to a commercial bank that wants a California presence.@@@@1@31@@oe@2-2-2013
20179029@unknown@formal@none@1@S@The thrift surely could be sold for more than the value of its equity, financial industry executives say.@@@@1@18@@oe@2-2-2013
20179030@unknown@formal@none@1@S@Meanwhile, the bad bank with the junk bonds -- and some capital -- might be spun off to Columbia shareholders, including Mr. Spiegel, who might then have a new career, investors say.@@@@1@32@@oe@2-2-2013
20179031@unknown@formal@none@1@S@It isn't clear how much a restructuring would help Columbia stockholders.@@@@1@11@@oe@2-2-2013
20179032@unknown@formal@none@1@S@But "the concept is workable.@@@@1@5@@oe@2-2-2013
20179033@unknown@formal@none@1@S@You sell the good bank as an ongoing operation and use some of the proceeds to capitalize the bad bank," says thrift specialist Lewis Ranieri of Ranieri Associates in New York.@@@@1@31@@oe@2-2-2013
20179034@unknown@formal@none@1@S@Mr. Spiegel's next career move is a subject of speculation on Wall Street.@@@@1@13@@oe@2-2-2013
20179035@unknown@formal@none@1@S@Few people think Mr. Spiegel wants to run a bread-and-butter thrift, which current rules would force Columbia to become.@@@@1@19@@oe@2-2-2013
20179036@unknown@formal@none@1@S@"They aren't really a thrift," says Jonathan Gray, a Sanford C. Bernstein analyst.@@@@1@13@@oe@2-2-2013
20179037@unknown@formal@none@1@S@Of course, regulators would have to approve Columbia's reorganization.@@@@1@9@@oe@2-2-2013
20179038@unknown@formal@none@1@S@And some investment bankers say a restructuring isn't feasible while the SEC still is scrutinizing Mr. Spiegel's past junk-bond trades.@@@@1@20@@oe@2-2-2013
20179039@unknown@formal@none@1@S@Pauline Yoshihashi in Los Angeles contributed to this article.@@@@1@9@@oe@2-2-2013
20179040@unknown@formal@none@1@S@Columbia Savings & Loan (NYSE; Symbol: CSV)@@@@1@7@@oe@2-2-2013
20179041@unknown@formal@none@1@S@Business: Savings and loan@@@@1@4@@oe@2-2-2013
20179042@unknown@formal@none@1@S@Year ended Dec. 31, 1988: Net income: $65 million; or $1.49 a share@@@@1@13@@oe@2-2-2013
20179043@unknown@formal@none@1@S@Third quarter, Sept. 30, 1989: Net loss: $11.57 a share vs. net income: 37 cents a share@@@@1@17@@oe@2-2-2013
20179044@unknown@formal@none@1@S@Average daily trading volume: 83,206 shares@@@@1@6@@oe@2-2-2013
20179045@unknown@formal@none@1@S@Common shares outstanding: 19.6 million@@@@1@5@@oe@2-2-2013
20179046@unknown@formal@none@1@S@Note: All per-share figures are fully diluted.@@@@1@7@@oe@2-2-2013
20180001@unknown@formal@none@1@S@Genetics Institute Inc., Cambridge, Mass., said it was awarded U.S. patents for Interleukin-3 and bone morphogenetic protein.@@@@1@17@@oe@2-2-2013
20180002@unknown@formal@none@1@S@The patent for Interleukin-3 covers materials and methods used to make the human blood cell growth factor via recombinant DNA technology.@@@@1@21@@oe@2-2-2013
20180003@unknown@formal@none@1@S@Sandoz Ltd. has licensed certain manufacturing and marketing rights for Interleukin-3 from Genetics Institute and is conducting preclinical studies with it.@@@@1@21@@oe@2-2-2013
20180004@unknown@formal@none@1@S@Interleukin-3 may help in treating blood cell deficiencies associated with cancer treatment, bone marrow transplants and other blood-cell disorders, Genetics Institute said.@@@@1@22@@oe@2-2-2013
20180005@unknown@formal@none@1@S@The second patent describes bone morphogenetic protein-1, a substance that can induce formation of new cartilage.@@@@1@16@@oe@2-2-2013
20180006@unknown@formal@none@1@S@The patent covers BMP-1 type proteins and pharmaceutical compositions and methods for treating bone or cartilage defects, Genetics Institute said.@@@@1@20@@oe@2-2-2013
20180007@unknown@formal@none@1@S@The company added that it has filed patent applications "on a large number of different BMP proteins" and the patent on BMP-1 is the first it has received.@@@@1@28@@oe@2-2-2013
20180008@unknown@formal@none@1@S@BMP products may be useful in fracture healing and in treating bone loss associated with periodontal disease and certain cancers, the company said.@@@@1@23@@oe@2-2-2013
20181001@unknown@formal@none@1@S@The Bush administration's nomination of Clarence Thomas to a seat on the federal appeals court here received a blow this week when the American Bar Association gave Mr. Thomas only a "qualified" rating, rather than "well qualified."@@@@1@37@@oe@2-2-2013
20181002@unknown@formal@none@1@S@People familiar with the Senate Judiciary Committee, which will vote on the nomination, said some liberal members of the panel are likely to question the ABA rating in hearings on the matter.@@@@1@32@@oe@2-2-2013
20181003@unknown@formal@none@1@S@Mr. Thomas, currently chairman of the Equal Employment Opportunity Commission, would add another conservative voice to the closely divided court.@@@@1@20@@oe@2-2-2013
20181004@unknown@formal@none@1@S@Groups have accused him of advocating policies that narrowed rights of older workers and of ignoring discrimination by large companies.@@@@1@20@@oe@2-2-2013
20181005@unknown@formal@none@1@S@Fourteen members of the House with jurisdiction over the EEOC have said they oppose Mr. Thomas's nomination because of "serious questions about his judgment {and} respect for the law."@@@@1@29@@oe@2-2-2013
20181006@unknown@formal@none@1@S@A senior Justice Department official, however, said the administration isn't worried about the ABA rating.@@@@1@15@@oe@2-2-2013
20181007@unknown@formal@none@1@S@"We're pleased the ABA rated him qualified," David Runkel, the department's chief spokesman, said in an interview.@@@@1@17@@oe@2-2-2013
20181008@unknown@formal@none@1@S@The ABA gives a "qualified" rating to nominees it believes would perform "satisfactorily" on the bench.@@@@1@16@@oe@2-2-2013
20181009@unknown@formal@none@1@S@In contrast, the lawyers' association gives a "well qualified" rating to those "regarded as one of the best available for the vacancy.@@@@1@22@@oe@2-2-2013
20182001@unknown@formal@none@1@S@Metallgesellschaft AG said it agreed to acquire 51% of Lentjes AG from the Ferdinand Lentjes Foundation.@@@@1@16@@oe@2-2-2013
20182002@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
20182003@unknown@formal@none@1@S@Metallgesellschaft, a diversified Frankfurt, West Germany-based metals group, said it is buying the stake in the specialized engineering company to expand its production of environmental supplies for power plants.@@@@1@29@@oe@2-2-2013
20182004@unknown@formal@none@1@S@Lentjes' product mix of specialized boilers and pipes provides a good fit with its own Lurgi G.m.b.H. plant engineering unit, the company said.@@@@1@23@@oe@2-2-2013
20182005@unknown@formal@none@1@S@The move is part of a strategy to focus on its core metals trading, processing and plant engineering activities while shedding peripheral units, the company said.@@@@1@26@@oe@2-2-2013
20182006@unknown@formal@none@1@S@Lentjes had 1988 sales of 800 million marks ($434.4 million) and has a current order backlog of 2.5 billion marks.@@@@1@20@@oe@2-2-2013
20182007@unknown@formal@none@1@S@The sale comes in place of a planned initial public offering of Lentjes stock.@@@@1@14@@oe@2-2-2013
20182008@unknown@formal@none@1@S@A plan to bring the stock to market before year end apparently was upset by the recent weakness of Frankfurt share prices.@@@@1@22@@oe@2-2-2013
20183001@unknown@formal@none@1@S@The U.S. International Trade Commission issued preliminary rulings under the U.S. anti-dumping act that imports of sweaters from Hong Kong, Taiwan and South Korea may be injuring a domestic industry.@@@@1@30@@oe@2-2-2013
20183002@unknown@formal@none@1@S@Because of the rulings, the Commerce Department will continue to investigate complaints by U.S. sweater makers that the imports are reaching the U.S. at unfairly low prices in violation of the U.S. anti-dumping act.@@@@1@34@@oe@2-2-2013
20183003@unknown@formal@none@1@S@The law defines unfairly low prices as ones below the cost of production or below prices in an exporter's home market.@@@@1@21@@oe@2-2-2013
20183004@unknown@formal@none@1@S@ITC officials said final Commerce Department and ITC rulings won't come until next March or later.@@@@1@16@@oe@2-2-2013
20183005@unknown@formal@none@1@S@If both agencies find violations of the U.S. trade law, the U.S. would assess penalty duties on the imports, which already are subject to import quotas under bilateral textile and apparel trade agreements.@@@@1@33@@oe@2-2-2013
20183006@unknown@formal@none@1@S@Imports of manmade-fiber sweaters in 1988 totaled about $405 million from Taiwan, $400 million from South Korea and $125 million from Hong Kong, according to the ITC.@@@@1@27@@oe@2-2-2013
20183007@unknown@formal@none@1@S@In another action, the ITC dismissed anti-dumping act complaints filed by Du Pont Co. of Wilmington, Del., against imports of neoprene, a type of synthetic rubber, from France and West Germany.@@@@1@31@@oe@2-2-2013
20183008@unknown@formal@none@1@S@These imports totaled about $17 million last year.@@@@1@8@@oe@2-2-2013
20184001@unknown@formal@none@1@S@Upjohn Co. said it will offer an early retirement package to as many as 1,100 employees in a cost-cutting move expected to result in a fourth-quarter charge.@@@@1@27@@oe@2-2-2013
20184002@unknown@formal@none@1@S@Upjohn officials said they couldn't estimate the size of the charge until they determine which employees, and how many, will participate in the retirement plan.@@@@1@25@@oe@2-2-2013
20184003@unknown@formal@none@1@S@But the pharmaceutical company said it "anticipates the long-term savings resulting from the plan's implementation will more than offset short-term costs."@@@@1@21@@oe@2-2-2013
20184004@unknown@formal@none@1@S@The program, available to Upjohn employees 55 years old or older, could increase an individual's retirement benefits 10% to 20%.@@@@1@20@@oe@2-2-2013
20184005@unknown@formal@none@1@S@In addition, Upjohn is offering a one-time retirement bonus equal to six months of base pay.@@@@1@16@@oe@2-2-2013
20184006@unknown@formal@none@1@S@Chairman Theodore Cooper called the program part of the company's two-year strategy to implement budget constraints and "an effective headcount-control program."@@@@1@21@@oe@2-2-2013
20184007@unknown@formal@none@1@S@But some analysts questioned how much of an impact the retirement package will have, because few jobs will end up being eliminated.@@@@1@22@@oe@2-2-2013
20184008@unknown@formal@none@1@S@"It's a cosmetic move," said Jonathan S. Gelles of Wertheim Schroder & Co.@@@@1@13@@oe@2-2-2013
20184009@unknown@formal@none@1@S@According to Upjohn's estimates, only 50% to 60% of the 1,100 eligible employees will take advantage of the plan.@@@@1@19@@oe@2-2-2013
20184010@unknown@formal@none@1@S@Upjohn further estimated that about 50% of the employees who leave for early retirement may be replaced.@@@@1@17@@oe@2-2-2013
20184011@unknown@formal@none@1@S@As a result, Upjohn will likely trim only about 275 to 350 of its more than 21,000 jobs world-wide.@@@@1@19@@oe@2-2-2013
20184012@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange yesterday, Upjohn shares rose 87.5 cents to $38.875 apiece.@@@@1@18@@oe@2-2-2013
20184013@unknown@formal@none@1@S@An Upjohn spokesman said he had "heard nothing" to suggest the early retirement package was spurred by shareholder pressure or a potential bidder for the company, which occasionally has been the target of takeover speculation.@@@@1@35@@oe@2-2-2013
20184014@unknown@formal@none@1@S@The company earlier this year adopted a shareholder-rights plan to ward off unwanted suitors.@@@@1@14@@oe@2-2-2013
20184015@unknown@formal@none@1@S@The spokesman said it is the first early retirement plan offered under its two-year cost-control strategy.@@@@1@16@@oe@2-2-2013
20184016@unknown@formal@none@1@S@Earlier staff-reduction moves have trimmed about 300 jobs, the spokesman said.@@@@1@11@@oe@2-2-2013
20185001@unknown@formal@none@1@S@INTER-TEL Inc. (Chandler, Ariz.) --@@@@1@5@@oe@2-2-2013
20185002@unknown@formal@none@1@S@Jerry Chapman, managing director of WayMar Associates, was elected a director of this business telecommunications software and systems concern.@@@@1@19@@oe@2-2-2013
20185003@unknown@formal@none@1@S@He increases the board to seven.@@@@1@6@@oe@2-2-2013
20186001@unknown@formal@none@1@S@"Feeding Frenzy" (Henry Holt, 326 pages, $19.95), a highly detailed account of the Wedtech scandal, begins on a reassuring note.@@@@1@20@@oe@2-2-2013
20186002@unknown@formal@none@1@S@Right up front in the preface, co-author William Sternberg gives us an example of his own integrity.@@@@1@17@@oe@2-2-2013
20186003@unknown@formal@none@1@S@When offered a free trip from the Bronx, Wedtech's home, to Washington, D.C., by one of Wedtech's principals, he tells the reader, "mindful of accepting anything of value from those I was writing about, I declined."@@@@1@36@@oe@2-2-2013
20186004@unknown@formal@none@1@S@Any question as to why an author would believe this plaintive, high-minded note of assurance is necessary is answered by reading this book about sticky fingers and sweaty scammers.@@@@1@29@@oe@2-2-2013
20186005@unknown@formal@none@1@S@Bribe by bribe, Mr. Sternberg and his co-author, Matthew C. Harrison Jr., lead us along the path Wedtech traveled, from its inception as a small manufacturing company to the status of full-fledged defense contractor, entrusted with the task of producing vital equipment for the Army and Navy.@@@@1@47@@oe@2-2-2013
20186006@unknown@formal@none@1@S@The book revolves around John Mariotta, the founder of the company, and Fred Neuberger, who became his partner soon after Wedtech's creation.@@@@1@22@@oe@2-2-2013
20186007@unknown@formal@none@1@S@Although started in 1965, Wedtech didn't really get rolling until 1975, when Mr. Neuberger discovered the federal government's Section 8(A) minority business program.@@@@1@23@@oe@2-2-2013
20186008@unknown@formal@none@1@S@This is a Johnson-era, Great Society creation that mandates certain government contracts be awarded noncompetitively to minority businesses.@@@@1@18@@oe@2-2-2013
20186009@unknown@formal@none@1@S@Mr. Neuberger realized that, although of Italian ancestry, Mr. Mariotta still could qualify as a minority person since he was born in Puerto Rico.@@@@1@24@@oe@2-2-2013
20186010@unknown@formal@none@1@S@The two partners merely had to falsify the true ownership of the corporation.@@@@1@13@@oe@2-2-2013
20186011@unknown@formal@none@1@S@Instead of 50/50 it became, on paper only, two-thirds Mariotta, one-third Neuberger, and they were in the program and off to the races.@@@@1@23@@oe@2-2-2013
20186012@unknown@formal@none@1@S@Besides being a "minority-owned company" Wedtech was located in the South Bronx, a blighted area, made famous by Jimmy Carter in his 1976 presidential campaign.@@@@1@25@@oe@2-2-2013
20186013@unknown@formal@none@1@S@The company plugged itself right into Carter campaign rhetoric about rebuilding the South Bronx and kept using the minority -- South Bronx angle through the Reagan '80s.@@@@1@27@@oe@2-2-2013
20186014@unknown@formal@none@1@S@Starting with Congressman Mario Biaggi (now serving a jail sentence), the company began a career of bribing federal, state and local public officials and those close to public officials, right up to and including E. Robert Wallach, close friend and adviser to former Attorney General Ed Meese.@@@@1@47@@oe@2-2-2013
20186015@unknown@formal@none@1@S@Wedtech didn't just use old fashioned bribery.@@@@1@7@@oe@2-2-2013
20186016@unknown@formal@none@1@S@It made ample use of the modern techniques of influence peddling, retaining politically connected "respectable" law firms, investment bankers and political consultants, including Reagan confidant Lyn Nofzinger.@@@@1@27@@oe@2-2-2013
20186017@unknown@formal@none@1@S@When necessary, it sought and received assistance from organized crime.@@@@1@10@@oe@2-2-2013
20186018@unknown@formal@none@1@S@Sometimes the bribed became partners in the company.@@@@1@8@@oe@2-2-2013
20186019@unknown@formal@none@1@S@Wedtech management used the merit system.@@@@1@6@@oe@2-2-2013
20186020@unknown@formal@none@1@S@If you were especially helpful in a corrupt scheme you received not just cash in a bag, but equity.@@@@1@19@@oe@2-2-2013
20186021@unknown@formal@none@1@S@If you were not an effective crook, you found yourself out in the cold, a fate that eventually befell Mr. Mariotta, the firm's semiliterate "minority" person.@@@@1@26@@oe@2-2-2013
20186022@unknown@formal@none@1@S@But despite the sensational nature of the revelations and the breezy, easy-to-read tabloid writing style, "Feeding Frenzy" often falls short of gripping reading.@@@@1@23@@oe@2-2-2013
20186023@unknown@formal@none@1@S@None of the scams show much ingenuity: Auditors found crookery the first day on the job.@@@@1@16@@oe@2-2-2013
20186024@unknown@formal@none@1@S@Wedtech's scammers simply bribed them to shut up.@@@@1@8@@oe@2-2-2013
20186025@unknown@formal@none@1@S@The scammers themselves were garden-variety low lifes, conspicuous consumers who wanted big houses, Mercedes cars, beautiful women, expensive clothes.@@@@1@19@@oe@2-2-2013
20186026@unknown@formal@none@1@S@Among the lot of them, not one is wrestling with good and evil, or especially intelligent or even temporarily insane.@@@@1@20@@oe@2-2-2013
20186027@unknown@formal@none@1@S@The one character at least somewhat interesting was Irving Louis Lobsenz, a pediatrician who changed his name to Rusty Kent London and became a master gambler and author of a book on blackjack.@@@@1@33@@oe@2-2-2013
20186028@unknown@formal@none@1@S@He enters the story toward the end, just in time to get arrested.@@@@1@13@@oe@2-2-2013
20186029@unknown@formal@none@1@S@Absorbed in doling out "Feeding Frenzy's" tidbits, the authors gloss over the root causes of Wedtech, namely the Section 8(A) federal program under whose auspices the scandal took place.@@@@1@29@@oe@2-2-2013
20186030@unknown@formal@none@1@S@They do at least come around to saying that the courts might want to end "rigid affirmative action programs."@@@@1@19@@oe@2-2-2013
20186031@unknown@formal@none@1@S@Programs like Section 8(A) are a little like leaving gold in the street and then expressing surprise when thieves walk by to scoop it up.@@@@1@25@@oe@2-2-2013
20186032@unknown@formal@none@1@S@Numerous other scandals, among them the ones at HUD, have the same characteristics as Wedtech.@@@@1@15@@oe@2-2-2013
20186033@unknown@formal@none@1@S@They take place in government programs that seem tailor-made for corruption.@@@@1@11@@oe@2-2-2013
20186034@unknown@formal@none@1@S@Why are programs like this not eliminated?@@@@1@7@@oe@2-2-2013
20186035@unknown@formal@none@1@S@"Feeding Frenzy" does provide a few clues.@@@@1@7@@oe@2-2-2013
20186036@unknown@formal@none@1@S@In and around all levels of government in the U.S. are groups of people who can best be described as belonging to a political insider commercial party.@@@@1@27@@oe@2-2-2013
20186037@unknown@formal@none@1@S@They know that whenever government is redistributing wealth, regulating commerce or maintaining a large defense establishment, there is big money to be made in influencing, brokering or selling the processes and decisions of government.@@@@1@34@@oe@2-2-2013
20186038@unknown@formal@none@1@S@They are our version of the East bloc's Nomenklatura and they have absolutely no wish to see anything change.@@@@1@19@@oe@2-2-2013
20186039@unknown@formal@none@1@S@How many government programs and policies exist because they line the pockets of political insiders?@@@@1@15@@oe@2-2-2013
20186040@unknown@formal@none@1@S@This is the real issue raised by the Wedtech scandal.@@@@1@10@@oe@2-2-2013
20186041@unknown@formal@none@1@S@Mr. Stern was chairman and chief executive officer of the New York State Urban Development Corp., 1983-85.@@@@1@17@@oe@2-2-2013
20187001@unknown@formal@none@1@S@The Finnish government and major creditors of bankrupt shipyard Waertsilae Marine Industries Oy agreed in principle to form a new company to complete most of the troubled shipyard's backlog of 15 ships.@@@@1@32@@oe@2-2-2013
20187002@unknown@formal@none@1@S@The new company will attempt to limit the shipyard's losses, participants said.@@@@1@12@@oe@2-2-2013
20187003@unknown@formal@none@1@S@"The situation is that the bankruptcy court will get out of the shipbuilding business.@@@@1@14@@oe@2-2-2013
20187004@unknown@formal@none@1@S@Everything will be taken over by the new company," said Christian Andersson, executive vice president of Oy Waertsilae, former parent of Waertsilae Marine.@@@@1@23@@oe@2-2-2013
20187005@unknown@formal@none@1@S@Once its ownership is finalized, the new company will open talks with state-appointed receivers to buy or lease Waertsilae Marine's shipyard facilities.@@@@1@22@@oe@2-2-2013
20187006@unknown@formal@none@1@S@Subcontractors will be offered a settlement and a swift transition to new management is expected to avert an exodus of skilled workers from Waertsilae Marine's two big shipyards, government officials said.@@@@1@31@@oe@2-2-2013
20187007@unknown@formal@none@1@S@Under an accord signed yesterday, the government and Union Bank of Finland would become major shareholders in the new company, each injecting 100 million Finnish markkaa ($23.5 million).@@@@1@28@@oe@2-2-2013
20187008@unknown@formal@none@1@S@Oy Waertsilae is to contribute 200 million markkaa, most of it as subordinated debt, and take a minority stake in the new company.@@@@1@23@@oe@2-2-2013
20187009@unknown@formal@none@1@S@Customers holding contracts for Waertsilae Marine's undelivered ships are expected to subscribe most of the remaining 170 million markkaa in share capital, government officials said.@@@@1@25@@oe@2-2-2013
20187010@unknown@formal@none@1@S@Waertsilae Marine's biggest creditor is Miami-based Carnival Cruise Lines Inc.@@@@1@10@@oe@2-2-2013
20187011@unknown@formal@none@1@S@Carnival, which has three ships on order from Waertsilae Marine, presented claims for $1.5 billion damages in the bankruptcy court this week.@@@@1@22@@oe@2-2-2013
20187012@unknown@formal@none@1@S@Waertsilae Marine's bankruptcy proceedings began Tuesday in a Helsinki court.@@@@1@10@@oe@2-2-2013
20188001@unknown@formal@none@1@S@Its plans to be acquired dashed, Comprehensive Care Corp. said it plans to sell most of its psychiatric and drug abuse facilities in California and some other assets to pay its debt and provide working capital.@@@@1@36@@oe@2-2-2013
20188002@unknown@formal@none@1@S@In all, the company hopes to repay $45 million in debt through the sales, which will completely discharge its secured debt, the company said.@@@@1@24@@oe@2-2-2013
20188003@unknown@formal@none@1@S@In addition, the company has replaced its president and chief executive, naming W. James Nichol, head of the company's contract health services, to succeed B. Lee Karns.@@@@1@27@@oe@2-2-2013
20188004@unknown@formal@none@1@S@Mr. Nichol said he was "extremely disappointed in the continuing deterioration of the company's operations while it attempted to conclude the reorganization during the past four months."@@@@1@27@@oe@2-2-2013
20188005@unknown@formal@none@1@S@Concurrent with Mr. Nichol's appointment, Comprehensive Care moved its corporate headquarters from Irvine, Calif., to St. Louis, where the company maintained its contract services offices.@@@@1@25@@oe@2-2-2013
20188006@unknown@formal@none@1@S@Mr. Karns continues as chairman.@@@@1@5@@oe@2-2-2013
20188007@unknown@formal@none@1@S@Comprehensive Care had agreed to be acquired by closely held First Hospital Corp. of Norfolk, Va., but the sale sputtered almost from the beginning and finally collapsed last week.@@@@1@29@@oe@2-2-2013
20188008@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange yesterday, Comprehensive Care closed at $3.75 a share, up 12.5 cents.@@@@1@20@@oe@2-2-2013
20189001@unknown@formal@none@1@S@Ralston Purina Co. reported a 47% decline in fourth-quarter earnings, reflecting restructuring costs as well as a more difficult pet food market.@@@@1@22@@oe@2-2-2013
20189002@unknown@formal@none@1@S@The St. Louis company earned $45.2 million, or 65 cents a share, compared with $84.9 million, or $1.24 a share, a year earlier.@@@@1@23@@oe@2-2-2013
20189003@unknown@formal@none@1@S@Sales in the latest period were $1.76 billion, a 13% increase from last year's $1.55 billion.@@@@1@16@@oe@2-2-2013
20189004@unknown@formal@none@1@S@For the year ended Sept. 30, Ralston earned $422.5 million, or $6.44 a share, up 8.9% from $387.8 million, or $5.63 a share.@@@@1@23@@oe@2-2-2013
20189005@unknown@formal@none@1@S@This year's results included a gain of $70.2 million on the disposal of seafood operations.@@@@1@15@@oe@2-2-2013
20189006@unknown@formal@none@1@S@Sales for the full year were $6.6 billion, up 13% from $5.8 billion.@@@@1@13@@oe@2-2-2013
20189007@unknown@formal@none@1@S@Ralston said its restructuring costs include the phase-out of a battery facility in Greenville, N.C., the recent closing of a Hostess cake bakery in Cincinnati and a reduction in staff throughout the company.@@@@1@33@@oe@2-2-2013
20189008@unknown@formal@none@1@S@The battery plant, which makes rechargeable nickel cadmium and carbon zinc products, will be closed over the next year or so, a spokesman said.@@@@1@24@@oe@2-2-2013
20189009@unknown@formal@none@1@S@Ralston attributed its fourth-quarter slump partly to higher costs of ingredients in the pet food business as well as competitive pressures, which required higher advertising spending.@@@@1@26@@oe@2-2-2013
20189010@unknown@formal@none@1@S@For the year, pet food volume was flat, the company said.@@@@1@11@@oe@2-2-2013
20189011@unknown@formal@none@1@S@Its cereal division realized higher operating profit on volume increases, but also spent more on promotion.@@@@1@16@@oe@2-2-2013
20189012@unknown@formal@none@1@S@The Continental Baking business benefited from higher margins on bread and on increased cake sales, it added.@@@@1@17@@oe@2-2-2013
20189013@unknown@formal@none@1@S@Ralston said its Eveready battery unit was hurt by continuing economic problems in South America.@@@@1@15@@oe@2-2-2013
20189014@unknown@formal@none@1@S@Ralston shares closed yesterday at $80.50, off $1, in New York Stock Exchange composite trading.@@@@1@15@@oe@2-2-2013
20190001@unknown@formal@none@1@S@Companies listed below reported quarterly profit substantially different from the average of analysts' estimates.@@@@1@14@@oe@2-2-2013
20190002@unknown@formal@none@1@S@The companies are followed by at least three analysts, and had a minimum five-cent change in actual earnings per share.@@@@1@20@@oe@2-2-2013
20190003@unknown@formal@none@1@S@Estimated and actual results involving losses are omitted.@@@@1@8@@oe@2-2-2013
20190004@unknown@formal@none@1@S@The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days.@@@@1@23@@oe@2-2-2013
20190005@unknown@formal@none@1@S@Otherwise, actual profit is compared with the 300-day estimate.@@@@1@9@@oe@2-2-2013
20191001@unknown@formal@none@1@S@First Chicago Corp. said it completed its $55.1 million cash-and-stock acquisition of closely held Ravenswood Financial Corp., another Chicago bank holding company.@@@@1@22@@oe@2-2-2013
20192001@unknown@formal@none@1@S@The record corn-buying binge by the Soviet Union is causing serious bottlenecks in the U.S. grain pipeline.@@@@1@17@@oe@2-2-2013
20192002@unknown@formal@none@1@S@The Soviet purchases are so massive that exporters are struggling to find enough river barges and trains to move the recently harvested Midwest crop to ports for loading onto Soviet ships.@@@@1@31@@oe@2-2-2013
20192003@unknown@formal@none@1@S@River barge rates have soared 40% this fall from a year earlier.@@@@1@12@@oe@2-2-2013
20192004@unknown@formal@none@1@S@Railroad companies and some ports are reaping a sudden windfall of business.@@@@1@12@@oe@2-2-2013
20192005@unknown@formal@none@1@S@And some grain analysts are predicting that corn prices might gyrate this month as exporters scrounge to find enough of the crop to meet their obligations to the Soviets.@@@@1@29@@oe@2-2-2013
20192006@unknown@formal@none@1@S@The Soviet Union bought roughly 310 million bushels of U.S. corn in October, which is the most ever sold to the Soviet Union in one month from the U.S.@@@@1@29@@oe@2-2-2013
20192007@unknown@formal@none@1@S@The Soviet Union wants much of it delivered by January, which would be a strain in most years.@@@@1@18@@oe@2-2-2013
20192008@unknown@formal@none@1@S@But it is particularly difficult this autumn because of low water levels on the Mississippi River, on which flows much of the U.S. corn that is shipped overseas.@@@@1@28@@oe@2-2-2013
20192009@unknown@formal@none@1@S@"We are shipping the most corn in that short of time period to one customer on record," said William Dunton, a U.S. Agriculture Department transportation expert.@@@@1@26@@oe@2-2-2013
20192010@unknown@formal@none@1@S@"It is going to be real tight."@@@@1@7@@oe@2-2-2013
20192011@unknown@formal@none@1@S@Because of persistent dry weather in the northern Plains, the water level on the upper section of the Mississippi River is so low that many river operators are already trimming the number of barges their tows push at one time.@@@@1@40@@oe@2-2-2013
20192012@unknown@formal@none@1@S@In a few weeks, many barges probably won't be able to operate fully loaded south of St. Louis because the U.S. Army Corps of Engineers is beginning to reduce the flow of the Missouri River, which feeds into the Mississippi River.@@@@1@41@@oe@2-2-2013
20192013@unknown@formal@none@1@S@The Army Corps is cutting the flow of the Missouri River about two weeks earlier than normal because of low water levels in the reservoirs that feed it.@@@@1@28@@oe@2-2-2013
20192014@unknown@formal@none@1@S@Barge rates on the Mississippi River sank yesterday on speculation that widespread rain this week in the Midwest might temporarily alleviate the situation.@@@@1@23@@oe@2-2-2013
20192015@unknown@formal@none@1@S@But the Army Corps of Engineers expects the river level to continue falling this month.@@@@1@15@@oe@2-2-2013
20192016@unknown@formal@none@1@S@At St. Louis, the water level of the Mississippi River is already 6.5 feet below normal and it could drop an additional 2.5 feet when the flow of the Missouri River is slowed, an Army Corps spokesman said.@@@@1@38@@oe@2-2-2013
20192017@unknown@formal@none@1@S@Similar levels hamstrung barge shipments last year in the wake of the worst drought in 50 years.@@@@1@17@@oe@2-2-2013
20192018@unknown@formal@none@1@S@So far, the grain industry's budding logistical problems haven't been a major factor in the trading of corn contracts at the Chicago Board of Trade.@@@@1@25@@oe@2-2-2013
20192019@unknown@formal@none@1@S@Many grain processors and exporters use the price of the corn futures contracts traded there to calculate the price they offer to buy corn from farmers.@@@@1@26@@oe@2-2-2013
20192020@unknown@formal@none@1@S@At the Board of Trade yesterday the price of the corn contract for December delivery slipped 3.5 cents a bushel to settle at $2.375 a bushel.@@@@1@26@@oe@2-2-2013
20192021@unknown@formal@none@1@S@Corn prices have been sluggish this fall despite the huge Soviet orders because the harvest has allowed farmers to rebuild the stockpiles depleted by the 1988 drought.@@@@1@27@@oe@2-2-2013
20192022@unknown@formal@none@1@S@With the harvest winding down, however, some analysts are speculating that prices might jump in some regions as U.S. exporters try to gather the corn they are obligated to deliver.@@@@1@30@@oe@2-2-2013
20192023@unknown@formal@none@1@S@Farmers are in the best position of many years to push up corn prices.@@@@1@14@@oe@2-2-2013
20192024@unknown@formal@none@1@S@Because the drought reduced U.S. stockpiles, they have more than enough storage space for their new crop, and that permits them to wait for prices to rise.@@@@1@27@@oe@2-2-2013
20192025@unknown@formal@none@1@S@In parts of Iowa, for example, some grain elevators are offering farmers $2.15 a bushel for corn.@@@@1@17@@oe@2-2-2013
20192026@unknown@formal@none@1@S@Many farmers probably wouldn't sell until prices rose at least 20 cents a bushel, said Lyle Reed, president of Chicago Central & Pacific Railroad Co. of Waterloo, Iowa.@@@@1@28@@oe@2-2-2013
20192027@unknown@formal@none@1@S@It isn't clear, however, who would win a waiting game.@@@@1@10@@oe@2-2-2013
20192028@unknown@formal@none@1@S@Although U.S. corn stockpiles shrank by roughly half in the wake of the drought, the Agriculture Department projects that nearly one-fifth of the harvest will still be in storage before the 1990 corn harvest begins.@@@@1@35@@oe@2-2-2013
20192029@unknown@formal@none@1@S@Some analysts are worried that reports of the grain industry's problems might spark investors to begin buying corn futures contracts -- only to see little appreciation.@@@@1@26@@oe@2-2-2013
20192030@unknown@formal@none@1@S@"The public is buying the market when in reality there is plenty of grain to be shipped," said Bill Biedermann, Allendale Inc. research director.@@@@1@24@@oe@2-2-2013
20192031@unknown@formal@none@1@S@Although much of this country's export corn goes to New Orleans by barge, it is possible for exporters to sidestep the Mississippi River by shipping a larger-than-normal amount of corn by train to the port.@@@@1@35@@oe@2-2-2013
20192032@unknown@formal@none@1@S@Ports in the Great Lakes and Atlantic Coast can also relieve pressure on New Orleans.@@@@1@15@@oe@2-2-2013
20192033@unknown@formal@none@1@S@One railroad, for example, is already increasing its grain hauling service from Indiana to Baltimore.@@@@1@15@@oe@2-2-2013
20192034@unknown@formal@none@1@S@And it isn't clear that the Soviet Union will stay on its record buying pace.@@@@1@15@@oe@2-2-2013
20192035@unknown@formal@none@1@S@The Soviet orders were compressed into the month of October because of delays.@@@@1@13@@oe@2-2-2013
20192036@unknown@formal@none@1@S@The Soviet Union usually begins buying U.S. crops earlier in the fall.@@@@1@12@@oe@2-2-2013
20192037@unknown@formal@none@1@S@But its purchases apparently were delayed by a reorganization of its agricultural bureaucracy as well as budget problems.@@@@1@18@@oe@2-2-2013
20192038@unknown@formal@none@1@S@In other commodity markets yesterday:@@@@1@5@@oe@2-2-2013
20192039@unknown@formal@none@1@S@ENERGY: Crude oil futures prices increased in moderate trading, but much of the action was in heating oil.@@@@1@18@@oe@2-2-2013
20192040@unknown@formal@none@1@S@Prices rose on the news that a sizable West German refinery was damaged in a fire, tightening an already tight European market.@@@@1@22@@oe@2-2-2013
20192041@unknown@formal@none@1@S@Heating oil for November delivery ended at 58.64 cents a gallon, up one cent on the New York Mercantile Exchange.@@@@1@20@@oe@2-2-2013
20192042@unknown@formal@none@1@S@West Texas Intermediate for December delivery advanced 22 cents to $19.94 a barrel.@@@@1@13@@oe@2-2-2013
20192043@unknown@formal@none@1@S@Gasoline futures continued a sell-off that began Monday.@@@@1@8@@oe@2-2-2013
20192044@unknown@formal@none@1@S@PRECIOUS METALS: Futures prices eased as increased stability and strength came into the securities markets.@@@@1@15@@oe@2-2-2013
20192045@unknown@formal@none@1@S@December delivery gold fell $3.20 an ounce to $377.60.@@@@1@9@@oe@2-2-2013
20192046@unknown@formal@none@1@S@December silver declined 6.50 cents an ounce to $5.2180.@@@@1@9@@oe@2-2-2013
20192047@unknown@formal@none@1@S@January platinum was down $5.70 an ounce at $494.50.@@@@1@9@@oe@2-2-2013
20192048@unknown@formal@none@1@S@Precious metals, gold in particular, currently are being influenced more by stock market gyrations than the dollar as traders seek greater investment stability, according to William O'Neill, vice president of research at Elders Futures in New York.@@@@1@37@@oe@2-2-2013
20192049@unknown@formal@none@1@S@"The recent rally in precious metals was a result of uncertainty and volatility in equities," he said.@@@@1@17@@oe@2-2-2013
20192050@unknown@formal@none@1@S@Yesterday, the stock market rose strongly, creating a more defensive attitude among precious metals traders, he said.@@@@1@17@@oe@2-2-2013
20192051@unknown@formal@none@1@S@Silver and platinum, which have more of an industrial nature than gold, were even weaker, he said.@@@@1@17@@oe@2-2-2013
20192052@unknown@formal@none@1@S@Silver is also under pressure of "extremely high" inventories in warehouses of the Commodity Exchange, he said.@@@@1@17@@oe@2-2-2013
20192053@unknown@formal@none@1@S@Yesterday, these stocks rose by 170,262 ounces to a record of 226,570,380 ounces, according to an exchange spokesman.@@@@1@18@@oe@2-2-2013
20192054@unknown@formal@none@1@S@COPPER: Futures prices partially recovered Monday's declines because Chilean miners voted to strike.@@@@1@13@@oe@2-2-2013
20192055@unknown@formal@none@1@S@The December contract rose 1.20 cents a pound to $1.14.@@@@1@10@@oe@2-2-2013
20192056@unknown@formal@none@1@S@In Chile, workers at two copper mines, Los Bronces and El Soldado, which belong to the Exxon-owned Minera Disputada, yesterday voted to begin a full strike tomorrow, an analyst said.@@@@1@30@@oe@2-2-2013
20192057@unknown@formal@none@1@S@Reasons for the walkout, the analyst said, included a number of procedural issues, such as a right to strike.@@@@1@19@@oe@2-2-2013
20192058@unknown@formal@none@1@S@The analyst noted that also inherent in all metal markets was a sympathetic reaction to stocks.@@@@1@16@@oe@2-2-2013
20192059@unknown@formal@none@1@S@In the case of copper, he said, the upbeat mood of stocks was reflected in demand for futures contracts because a stronger economy means greater buying interest for the metal.@@@@1@30@@oe@2-2-2013
20192060@unknown@formal@none@1@S@Also contributing to the firmness in copper, the analyst noted, was a report by Chicago purchasing agents, which precedes the full purchasing agents' report that is due out today and gives an indication of what the full report might hold.@@@@1@40@@oe@2-2-2013
20192061@unknown@formal@none@1@S@The Purchasing Management Association of Chicago's October index rose to 51.6% after three previous months of readings below 50%.@@@@1@19@@oe@2-2-2013
20192062@unknown@formal@none@1@S@The September index was 47.1%.@@@@1@5@@oe@2-2-2013
20192063@unknown@formal@none@1@S@A reading below 50% generally indicates a slowing in the industrial sector of the economy, while a reading above 50% points to expansion.@@@@1@23@@oe@2-2-2013
20192064@unknown@formal@none@1@S@The Chicago report raised the possibility that the October survey of the National Association of Purchasing Management would also show a reading above 50%.@@@@1@24@@oe@2-2-2013
20193001@unknown@formal@none@1@S@NCR Corp. unveiled two models of its Tower line of midrange computers and introduced advanced networking software to allow the Tower family to operate as a central hub in a network of computers.@@@@1@33@@oe@2-2-2013
20193002@unknown@formal@none@1@S@The new software is based on Novell Inc.'s NetWare network operating system software.@@@@1@13@@oe@2-2-2013
20194001@unknown@formal@none@1@S@USX Corp. posted a 23% drop in third-quarter profit, as improved oil results failed to offset weakness in steel and natural gas operations.@@@@1@23@@oe@2-2-2013
20194002@unknown@formal@none@1@S@The nation's largest steelmaker earned $175 million, or 62 cents a share, compared with the year-earlier $228 million, or 80 cents a share.@@@@1@23@@oe@2-2-2013
20194003@unknown@formal@none@1@S@The recent quarter includes pretax gains of $98 million from asset sales, while like gains in the year-earlier quarter totaled $61 million.@@@@1@22@@oe@2-2-2013
20194004@unknown@formal@none@1@S@In the 1988 period, USX also had a $71 million after-tax gain from a tax dispute settlement.@@@@1@17@@oe@2-2-2013
20194005@unknown@formal@none@1@S@Sales rose 5% to $4.4 billion from $4.2 billion.@@@@1@9@@oe@2-2-2013
20194006@unknown@formal@none@1@S@The earnings drop appears particularly steep in comparison with last year's unusually strong third quarter, when the company was riding an industrywide boom in demand and pricing.@@@@1@27@@oe@2-2-2013
20194007@unknown@formal@none@1@S@However, third-quarter operating profit fell 14%, as USX sold sizable chunks of its diversified and steel segments, eliminating income from those operations.@@@@1@22@@oe@2-2-2013
20194008@unknown@formal@none@1@S@Among segments that continue to operate, though, the company's steel division continued to suffer from soft demand for its tubular goods serving the oil industry and other markets.@@@@1@28@@oe@2-2-2013
20194009@unknown@formal@none@1@S@Peter Marcus, an analyst with PaineWebber Inc., said that a downturn in the appliance industry, coupled with sluggish automotive sales, hurt USX results.@@@@1@23@@oe@2-2-2013
20194010@unknown@formal@none@1@S@Moreover, USX exports more than other steelmakers, and the overseas market has been under more severe pricing pressure.@@@@1@18@@oe@2-2-2013
20194011@unknown@formal@none@1@S@The company attributed lower sales and earnings for the steel segment to the loss of results from the Lorain, Ohio, plant, which now is a 50-50 joint venture with Japan's Kobe Steel Ltd.@@@@1@33@@oe@2-2-2013
20194012@unknown@formal@none@1@S@In the steel division, operating profit dropped 11% to $85 million.@@@@1@11@@oe@2-2-2013
20194013@unknown@formal@none@1@S@Profit per ton of steel shipped dropped to about $33 a ton from $42 a ton last year and $53 a ton in the second quarter, analysts said.@@@@1@28@@oe@2-2-2013
20194014@unknown@formal@none@1@S@Still, USX fared better than other major steelmakers, earning more per ton of steel shipped than either Bethlehem Steel Corp., which posted a 54% drop in net income, or Inland Steel Industries Inc., whose profit plummeted 70%.@@@@1@37@@oe@2-2-2013
20194015@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, USX shares closed up $1.25, at $34.625, as the reported earnings exceeded projections by some analysts who hadn't expected as great a volume of asset sales.@@@@1@34@@oe@2-2-2013
20194016@unknown@formal@none@1@S@The rise in the stock's price may also reflect the fact that USX's steel segment fared better than some other steelmakers'.@@@@1@21@@oe@2-2-2013
20194017@unknown@formal@none@1@S@Charles Bradford, an analyst with Merrill Lynch Capital Markets, said USX may have received orders lost by competitors who were involved in labor contracts earlier this year.@@@@1@27@@oe@2-2-2013
20194018@unknown@formal@none@1@S@He said USX also appeared to sell a richer mix of steel products, such as the more profitable pipe and galvanized coated sheet, than lower-priced structural goods.@@@@1@27@@oe@2-2-2013
20194019@unknown@formal@none@1@S@The energy segment, with a 15% rise in operating profit, is clearly the company's strongest.@@@@1@15@@oe@2-2-2013
20194020@unknown@formal@none@1@S@Higher crude oil prices helped boost operating profit for the Marathon Oil Co. unit to $198 million from $180 million.@@@@1@20@@oe@2-2-2013
20194021@unknown@formal@none@1@S@The Texas Oil & Gas division continues to operate in the red, although losses narrowed to $9 million from $15 million.@@@@1@21@@oe@2-2-2013
20194022@unknown@formal@none@1@S@USX announced in October that it was soliciting bids to sell TXO's oil and gas reserves.@@@@1@16@@oe@2-2-2013
20194023@unknown@formal@none@1@S@Proceeds of that sale are to be used to reduce debt and buy back shares.@@@@1@15@@oe@2-2-2013
20194024@unknown@formal@none@1@S@The company noted that it has reduced debt by $1.6 billion since the end of 1988 and bought back about 15.5 million shares of common stock since the fourth quarter of 1987.@@@@1@32@@oe@2-2-2013
20194025@unknown@formal@none@1@S@USX has about $5.5 billion in long-term debt and 257 million shares outstanding.@@@@1@13@@oe@2-2-2013
20194026@unknown@formal@none@1@S@The announced sale of the reserves was followed by news that investor Carl Icahn had increased his stake in USX to 13.1% and threatened a takeover or other business combination.@@@@1@30@@oe@2-2-2013
20194027@unknown@formal@none@1@S@Mr. Icahn has said he believes USX would be worth more if broken up into steel and energy segments.@@@@1@19@@oe@2-2-2013
20194028@unknown@formal@none@1@S@Profit for the nine months jumped 21% to $721 million, or $2.62 a share, from $598 million, or $2.07 a share.@@@@1@21@@oe@2-2-2013
20194029@unknown@formal@none@1@S@Sales rose 10% to $13.8 billion from $12.5 billion.@@@@1@9@@oe@2-2-2013
20195001@unknown@formal@none@1@S@John F. Barrett, 40, formerly executive vice president and chief financial officer, was named president and chief operating officer, posts which had been vacant.@@@@1@24@@oe@2-2-2013
20196001@unknown@formal@none@1@S@Leon J. Level, vice president and chief financial officer of this computer services concern, and F. Warren McFarlan, a professor at Harvard University's Graduate School of Business, were elected directors, increasing board membership to nine.@@@@1@35@@oe@2-2-2013
20197001@unknown@formal@none@1@S@David A. DiLoreto, president of metal container division, was named to the additional post of group vice president, packaging products, at this packaging, industrial and aerospace products concern, succeeding Delmont A. Davis, who was named president and chief operating officer in August.@@@@1@42@@oe@2-2-2013
20198001@unknown@formal@none@1@S@Two leading constitutional-law experts said President Bush doesn't have the legal authority to exercise a line-item veto.@@@@1@17@@oe@2-2-2013
20198002@unknown@formal@none@1@S@Professors Philip Kurland of the University of Chicago and Laurence Tribe of Harvard Law School said any effort by President Bush to claim authority for a line-item veto would contradict the text of the Constitution and the intent of its authors, as well as the views of previous presidents.@@@@1@49@@oe@2-2-2013
20198003@unknown@formal@none@1@S@A line-item veto is a procedure that would allow a president to veto part of a big congressional spending bill without having to scuttle the entire measure.@@@@1@27@@oe@2-2-2013
20198004@unknown@formal@none@1@S@Mr. Bush has said he would like to be able to use this procedure.@@@@1@14@@oe@2-2-2013
20198005@unknown@formal@none@1@S@A White House spokesman said last week that the president is considering declaring that the Constitution implicitly gives him the authority for a line-item veto to provoke a test case.@@@@1@30@@oe@2-2-2013
20198006@unknown@formal@none@1@S@But the two legal experts, responding to an inquiry by Sen. Edward Kennedy (D., Mass.), wrote in a joint letter that the president "lacks the constitutional authority to exercise a line-item veto."@@@@1@32@@oe@2-2-2013
20198007@unknown@formal@none@1@S@The two professors represent different ends of the political spectrum -- Mr. Kurland is a conservative and Mr. Tribe is a liberal.@@@@1@22@@oe@2-2-2013
20198008@unknown@formal@none@1@S@The two professors said the Constitution authorizes the president to veto entire bills, not partial measures.@@@@1@16@@oe@2-2-2013
20198009@unknown@formal@none@1@S@Moreover, they said the first appropriations bill passed 200 years ago covered many different items, and there was no discussion of a line-item veto.@@@@1@24@@oe@2-2-2013
20198010@unknown@formal@none@1@S@They also said that more than a dozen presidents have called for line-item veto authority since the Civil War, and "all have shared the view that such lawmaking power is beyond the reach" of the president.@@@@1@36@@oe@2-2-2013
20198011@unknown@formal@none@1@S@Sen. Kennedy said in a separate statement that he supports legislation to give the president line-item veto power, but that it would be a "reckless course of action" for President Bush to claim the authority without congressional approval.@@@@1@38@@oe@2-2-2013
20199001@unknown@formal@none@1@S@Trinity Industries Inc. said it reached a preliminary agreement to sell 500 railcar platforms to Trailer Train Co. of Chicago.@@@@1@20@@oe@2-2-2013
20199002@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
20199003@unknown@formal@none@1@S@Trinity said it plans to begin delivery in the first quarter of next year.@@@@1@14@@oe@2-2-2013